In brief: Property marketplace that cuts out the middle man raises $2.92m

Ohmyhome, a property marketplace from Singapore, today announced that it has raised US$2.92 million series A funding led by Golden Equator Capital (GEC). Ohmyhome aims to make housing transactions simpler, faster, and more affordable. The platform facilitates DIY transactions, offers fixed-rate agent services, as well as on-demand mortgage and legal services.

Since its launch in September 2016, more than 2,000 homes have transacted through Ohmyhome, which represents a combined value of more than US$621 million. It has also saved customers a total of US$14.6 million in commission as of September 2018. To-date, Ohmyhome’s mobile application has recorded more than 200,000 downloads and has an average of 52,000 monthly active users.

One of its previous investors is K3 Ventures.

Source: Press release

Asia’s real estate industry is set to undergo a major shake-up, according to proprietary data from global real estate services firm JLL and Tech in Asia’s research (download full report here). Growing smartphone penetration in the region, rapid urbanization, and government support are among the factors that will contribute to this change.

Converted from Singapore dollars. US$1 = S$1.37.