Singapore-based property marketplace 99.co is forming a joint venture with REA Group’s property portals iProperty in Singapore and Rumah123 in Indonesia.
Photo credit: 99.co
According to a statement, 99.co will be taking over the operations of iProperty and Rumah123, while Australia-listed REA Group will be injecting US$8 million into the new JV.
“We are coming for market leadership,” said 99.co CEO Darius Cheung. “This is a key milestone that positions us instantly as no. 1 in Indonesia, and well on our way to that in Singapore.”
The transaction is subject to further due diligence scheduled to complete later this year, with the new JV and portal set to go live in Singapore and Indonesia in early 2020.
Upon completion, Cheung will lead the JV, while REA Asia chief executive Henry Ruiz and REA Group chief financial officer Janelle Hopkins will represent the group’s interests as non-executive directors.
Having been established for more than a decade, iProperty and Rumah123 are recognized property portals in Singapore and Indonesia, respectively. REA Group acquired iProperty in 2015 for US$531 million.
Founded in 2014, 99.co claims to have grown its traffic by 32x in the last two years. It raised US$15.2 million in a series B round in August 2019, a deal that saw its market value rise to well over US$100 million, according to a statement. The company was looking to spur product innovation and expand into other markets such as Vietnam, the Philippines, and Thailand.
Some of 99.co’s key investors include East Ventures, Facebook co-founder Eduardo Saverin, Sequoia India, Allianz X, and Mindworks Ventures.
Editing by Charmaine de Lazo
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
