Speedrent Technology Sdn Bhd
SPEEDHOME - Malaysia's Largest End-to-End Online Rental Platform.
Established in Malaysia in 2017, SPEEDHOME is an online rental platform owned and operated by Speedrent Technology Sdn Bhd - one of the early companies in the Malaysia PropTech industry.
We aim to make the rental experience easy for everyone by providing landlords and tenants with an end-to-end platform to transact swiftly and securely.
SPEEDHOME’s innovations include digitalizing and automating the entire rental process, from free advertising, 360-degree house viewing, tenant screening, and digital agreement signing to the automatic monthly rent collection to enhance the rental experience easily at your fingertips.
In partnership with Allianz Insurance, SPEEDHOME protects homeowners with a comprehensive Landlord Rental Protection Plan of up to RM72,000 against loss of rental, unpaid utility, accidental damage and theft, on-time rental and more.
SPEEDHOME is now Malaysia’s largest end-to-end online rental platform, and since its inception, SPEEDHOME has been on a growth trajectory with over 530,000 monthly traffic to the website and app.
On top of that, SPEEDHOME also managed to grow its quarterly revenue by 52% from Q2 to Q3 2022  and successfully achieved RM25.4 million of Gross Rental Value (GRV) in Q3 2022.
Moving forward, SPEEDHOME is ready to penetrate into room rental, deposit model and monthly rental concept to increase our market share in the rental market and complete its services offering to fulfil the seamless rental experience for both tenants and landlords by building two new business units:
1) SPEEDFIX - focusing on house maintenance;
2) SPEEDRENO - focusing on renovation for home rental property
In the journey of becoming a super app and providing a seamless experience to landlords and tenants, we have covered the property rental journey from B - Y. Additionally, as our current untapped market, there’s another part of on-demand service that every landlord will require before, during and after the tenancy. Therefore, we wish to expand to these areas and enclose the loop to provide a proper A-Z solution for landlords.
1) Landlords with new rental houses
Landlords who just got their new house are working independently to find a contractor and furnish their home before they can look for a tenant to rent their property. And many of them are over-investing in a unit that is for rental purposes. We want to start serving the landlords the moment they get their key, help fully furnish their house cost-effectively, and finally rent it out through our SPEEDHOME web and app.
2) Post-tenancy rental house maintenance & Repairing work
We have more than 5,000 active houses transacted with us, and landlords require handyman services to maintain the house condition and repair work such as locksmith, air conditioner servicing, pest control, plumbing work and more.
They have to currently deal with the tenant’s request and seek third-party platforms to coordinate such services. We ought to complete our end-to-end solution for our landlords by offering them a hassle-free experience.
To ensure end-to-end service, SPEEDHOME expands its service coverage through:
1) SPEEDFIX - focusing on house maintenance;
2) SPEEDRENO - focusing on renovation for home rental property
SPEEDHOME app will add new features to automate job requests and transactions process. Tenants/ Landlords can submit a job request through our app, receive progression updates and make payments through the SPEEDHOME app, making the whole experience easy and seamless. We will start partnering with vendors and third-party platforms to fulfil the job requests while gearing up internal capability on handyman services.
As of October 2022, SPEEDHOME’s user base has increased to more than 580k, and we expect to end the year with at least a 600K user base.
Key Metrics & Revenue Sources
SPEEDHOME also managed to grow its Revenue by 52% QoQ and successfully achieved RM25.4 million of Gross Rental Value (GRV) in Q3 2022.
Landlords and tenants are our customers. Currently, contractors mainly serve landlords to renovate and furnish their houses, property agents to rent out their company, and property management companies to deal with post-rent matters. We want to present ourselves as a one-stop platform and expedite the entire rental process through an end-to-end solution, from finishing a bare unit, finding a tenant, signing an agreement, and collecting rent to house maintenance.
We will tap into our database, online media, offline media and partnership network to acquire and expand our user base.
SPEEDHOME generates revenue in different ways:
1) Tenant SPEEDSIGN Fee
It is a fee a tenant has to pay when renting a house through SPEEDHOME. In the past, we focused on whole unit property and zero deposit model. However, with our proven business model, we are also ready to expand our penetration into the room and deposit model. This will enable us to expand our coverage greatly and open up a new source of revenue.
2) Landlord Rental Protection Plan
It is a rental protection plan offered to landlords by Speedrent Technology Sdn Bhd (201601005661) (“SPEEDHOME”) and Allianz General Insurance Company (Malaysia) Berhad (200601015674) (“Allianz”). It combines products/services provided by SPEEDHOME (an online rental platform owned by Speedrent Technology Sdn Bhd) and an insurance policy underwritten by Allianz.
Our expansion into room rental, & deposit rental will significantly expand our coverage and open up a new source of revenue.
We have started piloting SPEEDFIX, we are ready to introduce a new business unit to provide our tenants and landlords with handyman services for house maintenance/repair purposes. Hence, they can manage this independently and submit their job request from the SPEEDHOME app.
We have started piloting SPEEDRENO to help landlords transform a bare property into a rent-ready house through furniture supply and quick renovation work.
5) More Rental Model
We are expanding our offering from strictly Zero Deposit to accepting Deposit model (market norm) to increase our market share. Room is an interesting sector we will start transacting, our key focus is still on the whole unit.
We also see an unfulfilled market demand - monthly rental. It is not cost-effective to rent through a short-stay platform for a tenancy duration of 30 - 180 days. We are targeting medical tourism, expat, digital nomad, and other use cases.
We acknowledge that ASEAN has a huge property rental market. However, at this point, for this current investment, we have no intention to expand the business regionally because we wish to grow
sustainably in Klang Valley. This funding round aims to double our current market share from 9% to 18%. We expect to be profitable in 12 months.
The other consideration to sustainably growing the business is focusing on our service quality. More often than not, prematurely scaling it can significantly impact service. So throughout the past year and the next 12 months, we have built substantial automation to reduce reliance on human fulfillment. This will help the business scale more efficiently and effectively with regional expansion.
Upon achieving profitability, and the proper cost structure due to massive automation capabilities, SPEEDHOME can expand regionally in a more capital-efficient manner and reduce the need to raise excessively to fund expansion.
We are a tech-first company, and our entire business surrounds automation to streamline all processes. We are focused on rental only, while competitors are mostly focused on property sales. Locally and regionally, we have Ohmyhome and property sellers as key competitors. Competition is tweaking the same modus operandi, using humans as the key driver to close sales and achieving better efficiency through technology. Such a model requires higher commission/revenue; hence property sale is the key focus. When the ticket item is larger, more personalisation is required.
SPEEDHOME focuses on property rental, which is considered lower revenue than property sales. . Adding that property rental has a longer tenure, more handholding is required; hence it would be too expensive to be done manually. To achieve economy of scale, more automation and standardisation are needed for lower ticket items.
Having said that, most competitors do not focus on the rental market. It is an underserved market. Where we see an underserved market, we see it as a blue ocean. Fortunately, technology can automate the work within the property rental market because the tasks are mostly repetitive and mundane. For example, requesting the handyman, fulfillment of services, and rental collection is repetitive but not rocket science, yet today, it is all done manually by a property owner, tenant or even property agents.
Funding Target: RM1 mil - RM5 mil
We are looking to fundraise a minimum of RM1 million and up to RM5 million. The funding is utilised to grow and expand our business verticals.
By growing and managing 5000 houses, there is sufficient volume for the business to start introducing other cross-selling services.
Understanding that the property industry is notoriously manual, there need to be more off-the-shelf automation solutions for our scale - we started investing heavily in system and workflow automation as well as significant data capabilities since the business’s inception. The investment has paid off, we are at least 5x more efficient than any competitors, and we intend to continue investing heavily in technology. 50% of the capital raised will be invested in automation and big data capability.
35% of the funding is earmarked for advertising and promotion. The majority of the expenses would be spent on digital advertising, search engine optimisation, and incentives.
In order to launch more services, we expect to increase our headcount spend marginally by allocating 15% of the capital to ensure we have the capacity to execute our vision.
Your Rental Made Easy!
The property rental market is fragmented and consists of multiple industries. SPEEDHOME is focused on the residential market and envisions connecting industry players under one roof to fulfill property investors’ and tenant needs - from empty houses to furnished houses, furnished houses to tenanted houses, and wear and tear to refurbishment or repair of the house.
We have raised a total of ~RM13m. Our institutional investors are Allianz Malaysia Berhad, IJM RE (a wholly owned subsidiary of IJM Corp Bhd), Gobi Partners, and 500 Startups.
Date of incorporation: 23 February 2016
Registration number: 201601005661 (1176587-M)
Date of commencement of business: 23 February 2016
History of business from the date of incorporation: MALAYSIA
Group and shareholding structure (where applicable): 100% fully-owned subsidiary, Speedrent Assure Sdn Bhd (201901001615 (1310941-X))
Licenses and permits held by the issuer:
i. MBPJ Billboard License
ii. WMSPanel license (Speedview)
iii. Nimble server license (Speedview)
Name: Wong Whei Meng
Qualification: B. Eng Mechanical Engineering
Started three successful IT business
Finalist of EY Entrepreneur of the Year https://www.ey.com/en_my/entrepreneur-of-the-year/ey-entrepreneur-of-the-year-malaysia/2020-top-nominees/wong-whei-meng
Any interests held in any other company which may result in a conflict of interest. No
An undergraduate in Mechanical Engineering at the University of Sunderland but never practised engineering in his life. He founded three tech businesses during his study and after graduation and then successfully exited the businesses. The British company, OnApp, acquired his last Content Delivery Network (CDN) service, and then he worked as Vice President of CDN for OnApp between 2011 and 2018. He currently has no other business involvement other than SPEEDHOME. He’s also a patent holder awarded by the US Patent & Trademark Office. He was nominated as EY Entrepreneur Of The Year 2020, Malaysia's Top Nominees under the Emerging Entrepreneur Category.
Chartered Accountant with 15 years combined experience in property development, hotel operations, and external audit, in addition to being a lead trainer regionally. Melissa built her teams from ground-up and thrives in a fast-paced work environment with strong company values. At SPEEDHOME, she has been instrumental in setting up the company's pathway to sustainability while cost-optimising in order to achieve the charted milestones. Passionate about education, conservation, and the personal growth of her teams.
Meticulous and passionate in software engineering with over 18 years of experience. Involved in both implementation and leading roles in various industries, including fortune 500's telco and financial services companies. Believer in transparency, teamwork, and having bits of fun in the process. Recently has taken up product development with the vision to enable SPEEDHOME to be at the industry forefront.
Diversity with a combination of multifaceted skills is what defines Melanie’s professional principles. Heralding from reputable establishments such as PricewaterhouseCoopers, Merck, and Shopee, Melanie possesses a formidable background in accounting, finance, sales, and growth.
Notable milestones include contributing the best performing quarter for SPEEDHOME with workforce reduction in 2022 whilst presiding as the Head of Sales, leading the marketing operation team for ShopeePay with strong data and analytical expertise, and audits for major Oil & Gas corporations based in Malaysia.
Melanie believes both methodical processes and people management play a vital role in returning unsurpassed results. Furthermore, she upholds the importance of high-level communication skills among various stakeholders to instill clarity, inspire confidence and forge cooperation.
Donna offers a robust knowledge of digital marketing with a focus on data-powered strategies. With over 13 years of experience, dedicating six years specializing in performance marketing, Donna has worked in multiple agencies and start-ups in varied markets such as Singapore, Japan, Malaysia, and Hong Kong. Donna’s experience includes leading up to 20 media buyers in strategy planning and biddable media buy execution in GroupM.
Donna's experience has helped SPEEDHOME build and strengthen its in-house marketing capabilities while transforming the marketing team to be data-driven. Her expertise lies in transforming business visions into actionable steps while balancing efforts, data, results, and goals. Donna believes that data-driven decision-making is our most powerful marketing tool.
He worked with Wong at his startup company Aflexi (CDN service provider) as his first job. He started programming at 14 years old and sees coding as an art, and he's also passionate about pencil sketching. He is technically sound in Backend & DevOps development. He stepped up into management three years back, given an opportunity by Wong. Since then, he’s been relentlessly shaping & growing with the SPEEDHOME Engineering department, from 3 headcounts to today’s 30 engineers. He believes that innovation & creativity in Engineering will bring business agility to a new level.
She is a process-oriented individual with a Masters in Business and a solid industrial experience of 7 years in Sales, Marketing, and Operations in the start-up field. As someone who thrives on growing a start-up, she is an accomplished executor and problem solver by nature.
She has built the current startup marketing from scratch and increased traffic growth on the website by 40% in 2018. In 2019, she successfully helped the brand with its rebranding strategy. In addition, She successfully ran marketing campaigns to raise RM 2.5 Million in crowdfunding.
Being an avid runner who has her schedule planned to the T, she brings the exact discipline & process to her team. She is always on the ‘run’ to engage with them and drive solutions together. Understanding her customer’s needs & wants is something which comes to her with great ease. After all, her hobby is reading books on psychology.
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No shares will be allotted or issued based on this document after six months from the closing of the offer period.
This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
- pitchIN and its officers and staff may also be investing in this campaign
- Under ECF Guidelines, valuation is determined and set by the Issuer. Investors are advised to carefully peruse all investment offers and documents before making investment decisions.