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Speedhome raises $1.7 mn in Series A funding for tech advancement

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Investors such as Allianz Malaysia and Gobi Partners participated in the funding round

Malaysia-based property rental platform Speedhome raised $1.7 million in its Series A funding round from Allianz Malaysia and venture capital firm Gobi Partners, media report said. The proptech firm will use the funds to make tech improvements.

They are also planning to open up a shop in Bangkok and the investment will also help the company to reach its goal to become a super app for property investors.

Speedhome CEO, Wong Whei Men told the media, “This investment signals promising support from the market towards SPEEDHOME. This fund will help us kick start our regional expansion in Bangkok and accelerate our efforts towards making SPEEDHOME as the region’s super app for property investors. Having esteemed investors like Allianz Malaysia and Gobi Partners to join us is a vote of confidence towards our vision to offer holistic technology-driven solutions for the property industry.”

Among the challenges faced last year, Speedhome managed to often the adverse impact of the pandemic on the property industry with the help of its Virtual Viewing and Homerunners service. Speedhome also recorded more than 160 percent year-on-year growth in Gross Written Premium (GWP) contribution to Allianz Malaysia in 2020 compared to 2019. This provided the much-needed stability that helped the company grow amid the testing times faced especially last year due to the Covid-19 pandemic.

To date, Speedhome has over 575,000 app downloads and over 700,000 tenant enquiries in total. As consumers are becoming more and more aware of their spending habits, this number is only expected to grow further in the coming years.

Image credits- The Malaysian Reserve

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