Iterative leads ID proptech firm Goro’s $1m round

Goro co-founders Andryan Gouw (left) and Robert Hoving / Photo credit: Goro

Proptech firm Goro is betting on fractional property investments in Indonesia. With its namesake being derived from the Indonesian term Gotong Royong or mutual cooperation, its platform allows users to purchase a fraction of a property starting from US$0.7.

Returns come in the form of monthly paid-out rental income and capital gains when the property is sold.

“Everyone aspires to invest in property but the obstacles of financial entry barriers and complex procedures deter many individuals. Goro aims to address these challenges and enable anyone, regardless of their location, to build a high-yielding property portfolio,” co-founder and CEO Robert Hoving said in a press statement.

Brian Ma, general partner at Iterative, said the VC firm wants to work with Goro to “democratize property ownership and investing for young investors across Southeast Asia.” Ma is also the co-founder of US-based proptech Divvy Homes.

Funding details

• Funding amount: $1,000,000
• Lead investor: Iterative
• Other investors: XA Network, StashAway Angel Investors, Mike Broomell
• Stage: Pre-seed
• Source

Since launching earlier this year, Goro said its user base has grown 15% per week. The company added that its current portfolio, which is picked by professional property managers, is generating 11% net annualized rental yield for its users.

The startup plans to launch a secondary market with additional asset classes to give users more liquidity. It is also further expanding across Jakarta and Bali.

See also: Furniture startups remodel Indonesia’s billion-dollar market with customization, rental options

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