Malaysian proptech firm scores $1.7m round from Allianz, Gobi Partners

Speedhome, a Malaysia-based property rental platform, announced that it has raised 7 million ringgit (US$1.7 million) in its series A financing round from insurer Allianz Malaysia and venture capital firm Gobi Partners.

The Speedhome team / Photo credit: Speedhome

Speedhome said that the fresh funds will help it make tech improvements and set up shop in Thailand’s capital, Bangkok. The investment will also fuel the company’s ambition to become a super app for property investors.

Established in 2015, Speedhome is a zero-deposit rental protection platform that connects landlords to tenants. It combines mobile technology and automation to make the renting process more transparent and interactive for users, which in turn helps them make informed decisions when searching for rental properties.

In a statement, the company said that it “managed to soften the adverse impact of the pandemic on the property industry” by offering virtual viewing and other services aimed at addressing various movement restrictions.

In addition, Speedhome’s contributions of gross written premiums to Allianz Malaysia shot up by more than 160%, driven by strong demand for zero-deposit rental homes. This, in turn, allowed qualified tenants to save money on rental deposits.

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In the next five years, Speedhome plans on expanding across Asia Pacific, targeting metropolitan areas including Manila, Jakarta, Taipei, Ho Chi Minh City, Hanoi, Melbourne, Sydney, Hong Kong, and Singapore. It also aims to become a proptech unicorn in Southeast Asia.

To date, the company has recorded over 575,000 app downloads and more than 700,000 tenant enquiries.

Currency conversion from Malaysian ringgit to US dollar: US$1 = 4.19 ringgit.