The 99 Group team with CEO Darius Cheung in the center/ Photo credit: 99 Group
99 Group, a Singapore-based proptech firm, has raised US$11 million in a series C extension round co-led by OCBC NISP Ventura and existing investor Gaw Capital Partners.
Based in Jakarta, OCBC NISP Ventura is the venture capital arm of Bank OCBC NISP, of which Singapore’s OCBC Bank holds more than 85% shares.
According to a statement from OCBC NISP Ventura, this investment will support 99 Group to continue its growth and expansion through strategic partnerships and acquisitions.
Launched in 2014 by Darius Cheung, Yan Phun, and Conor McLaughlin, 99 Group operates property websites 99.co, SRX, iProperty, and Rumah123 across Singapore and Indonesia. The company aims to simplify the property buying and renting process by offering features such as smart filters, price analysis data, financial planners, and the ability to search for properties by location and commute time.
Gaw Capital Partners, a real estate-focused private equity firm, led 99 Group’s series C of US$52 million in July 2022.
Last September, 99 Group was reportedly exploring the option of acquiring Propzy, though the Vietnamese firm later shut down.
See also: Malaysian proptech firm Speedhome to cut workforce
Editing by Thu Huong Le and Dhania Putri Sarahtika
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