“We are not only the first to offer a real estate platform for locals, made by locals, but also the first to offer a localised real estate management system and introduce a property valuation app in Cambodia. This funding by 500 Startups, which is the second in the country, validates our startup idea and will be used to upgrade our current products and mobile applications to establish a market leadership as we are looking to monetise through a subscription and transaction-based revenue model. Some of our partner agencies are currently using KhmerHome’s management system to close deals worth millions of dollars,” said Co-founder Mean In.
The startup was founded in 2017 by four brothers — Mean, Visal, Vichea and Vichet In — to tackle the pain points that many agencies in Cambodia still rely on excel sheets and are not using any property management system to manage their listings and clients.
Visal, Vichea, and Vichet are also co-founders of Mediaload, also known as Khmerload, a digital media in Cambodia and Myanmar with 18 million social media followers.
Currently, KhmerHome.com claims to have more than 120 property agencies and 600 property agents.
The startup has previously raised pre-seed funding from Australia-based emerging markets specialists Emerging Classifieds Ventures.
The real estate industry in Cambodia is thriving thanks to increasing urbanisation and young people’s growing housing demand. The annual report from the Cambodian Ministry of Land Management, Urban Planning and Construction, approved 3,052 construction projects worth US$6.42 billion in 2017.