Singapore online property platform raises $5m in series A+ funding

Singapore-based Ohmyhome, an online property platform, has raised US$5 million in a series A+ funding round led by Swettenham Blue.

Ohmyhome said the latest funding came after it clocked a cumulative gross merchandise value of US$1.6 billion. It also expects to grow its revenue by 3x in the next 12 months, though it didn’t reveal its current revenue figures.

In the financial year 2019, Ohmyhome registered a revenue of US$3.6 million and an operating loss (the loss before interest and tax) of US$1.7 million, according to VentureCap Insights data.

Photo credit: Ohmyhome

Founded in 2016 by sisters Race and Rhonda Wong, Ohmyhome allows users to buy, sell, and rent properties on its online platform, with a database that handles 175,000 transactions a month. The fresh capital will go toward improving its data-matching technology for its businesses in Singapore, Malaysia, and the Philippines.

“Our core mission is to help our customers transact as hassle-free as possible, at the best price,” said Rhonda, who acts as Ohmyhome’s CEO. She notes that while the company is in a comfortable position in this area, it needs to pick up speed to match the pace of the transactions it is seeing.

The firm has its eyes locked on the Philippine market, which it just entered in 2020. Quoting the country’s central bank, the firm said overseas workers in the nation remitted close to US$2.4 billion in May alone, a sizable chunk of which goes to real estate.

“It is a fast-growing market, both in population and economy, and we hope to assist Filipinos in their housing needs,” Rhonda added.