Malaysian proptech firm Speedhome to cut workforce

Speedhome, a Malaysia-based property rental platform, will be laying off staff.

Employees have begun looking for jobs after learning of an impending retrenchment at the company, several industry insiders told Tech in Asia.

Photo credit: Speedhome

A Speedhome spokesperson also confirmed the matter with Tech in Asia, saying that job cuts were “inevitable” as the proptech firm had recently embarked on a “cost optimization” exercise.

The number of affected staff was not disclosed. Speedhome has 99 employees, according to its LinkedIn page.

The spokesperson said the company was advised to “recalibrate” its business plan, citing “higher interest rates, economic uncertainty and funding environment.”

However, the move is not expected to affect Speedhome’s customers or services, the Speedhome representative added.

Founded in 2015, Speedhome’s sales pitch is connecting landlords directly with tenants, removing the need for real estate agents or the collection of hefty security deposits.

The platform also provides rental protection and insurance through a partnership with Allianz General Insurance.

Last year, Speedhome announced plans to enter Bangkok and to pursue a super app for property investors after it raised 7 million ringgit (US$1.5 million) in series A round from two Malaysian institutional investors: insurer Allianz Malaysia and venture capital firm Gobi Partners.

Malaysian startups have not been exempted from the layoff wave that recently hit tech companies in Asia.

Shopping aggregator iPrice dismissed 20% of its employees while services marketplace Kaodim ceased operations today.

Track all the layoffs across Asia here and help us help us maintain this list by filling this form with any information on job cuts and affected employees.

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.41 ringgit