Say hey to 99 Group! They're the fastest-growing online property platform in Southeast Asia. Oh, and they've just raised $37M in the first close of their Series C!
- Their sales have grown 8x from Q1 2019 to Q1 2022.
Investor check. The round was led by Gaw Capital Partners.
- The Series C is a $52M round. The rest of the $15M will be raised over the next few months, and the majority has been committed.
- Before this, word on the street was that Carousell was to acquire 99 Group for $150M, but not all things work out— especially in these market conditions.
🏡 Props to them
Founded in 2014, they operate four major property platforms in Singapore and Indonesia. Looking to buy your dream home? Rent a new place? They've got tons to choose from!
- Platforms include: 99.co, Rumah123.com, srx.com.sg and iproperty.com.sg.
- The acquisition of SRX allowed them to double their agent subscriber base in Singapore.
- They're the #1 marketplace in Indonesia with 70% audience market share after acquiring UrbanIndo and taking over Rumah123.
🌏 Coming soon
The fresh cash is to invest in their existing markets, Singapore and Indonesia. Plus, they'll continue innovation and R&D and expand across SEA!