In brief: Lamudi scores funds to double down on Indonesia, Philippines

Lamudi announced that it has recently welcomed two media and digital classifieds companies, Ringier and Axel Springer, as new strategic investors. Both companies will share a seat on the advisory board, which will be taken over by Ringier for now. The funding amount is not public, but Kian Moini, co-founder and CEO of Lamudi, stated that “the majority of funding can and will be spent on growth, given the company’s comfortable financial situation and clear path to break even.”

Source: Ringier

Lamudi is a group of online real estate platforms launched by Rocket Internet in 2013. It operates sites in Bangladesh, Indonesia, Sri Lanka, and the Philippines, as well as in Colombia, Mexico, and Peru.

Moini said that the funding from Germany’s Axel Springer and Switzerland’s Ringier will be used to “significantly expand our efforts to add value along the [real estate] transaction.” The company will also focus on growing its presence in Indonesia, the Philippines, and Mexico.

Earlier this year, Lamudi launched a real estate brokerage business in Indonesia, which handles 100 transactions per month on average.

Other Lamudi investors include Rocket-backed Asia Pacific Internet Group and German VC firms Holtzbrinck Ventures and Tengelmann Ventures.