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Singaporean proptech firm to expand in Indonesia with US$52m in fresh funds
A Singapore-based property technology (proptech) start-up, 99 Group, has secured US$52 million of Series C funding and plans to use the fresh funds to get a stronger foothold in Indonesia and Singapore as well as expand to new markets in the region.
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Staff of 99 Group Indonesia pose for a group picture in this undated photo. (99 Group/-)
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Singapore-based property-technology (proptech) start-up, 99 Group, has secured US$52 million, with which it plans to get a stronger foothold in Indonesia and Singapore as well as expand to new markets in the region.
As the company announced on Thursday, the Series C funding will come in two phases: $37 million at first closure, with the other $15 million coming in successively over the following months.
“We see remarkable opportunity in the middle of this uncertain global market […], and we believe in the growth of the Southeast Asian market. […] Having a strong balance sheet enables us to react swiftly and firmly toward potential [mergers or acquisitions],” 99 Group CEO Darius Cheung said in a press release.
Providing information and transaction platforms for real estate markets, proptech has been described as a disrupting force in the real estate sector, where it reduces paperwork and expedites transactions through technological solutions for listing, searching, selling, buying and managing properties.
Hong Kong-based real estate investment firm GAW Capital Partners led the Series C funding, saying it was impressed by 99 Group’s portfolio that included several property platforms, namely 99.co, Rumah123.com, iProperty.com.sg and Singapore Real Estate Exchange.
“We are very optimistic about the Southeast Asian market, and this investment we do at 99 Group is the right step to take,” said Humbert Pang, managing principal, head of China and co-chair of alternative investments of GAW Capital Partners, in the release.
“In every market, there will always be a marketplace that leads in proptech that becomes a property supperapp. We saw that in [Chinese property-broker platform] Beike, and now we see that in 99 Group,” said GAW Capital Partners director Herbin Koh, hinting that the funds may also be allocated toward developing a superapp.
