Aditya Hadi Pratama · · 2 min readSingapore’s 99 Group raises $37m in first close of series C round
Singapore-based 99 Group has raised US$37 million in the first close of its series C funding round led by Gaw Capital Partners, a real estate-focused private equity firm.
The online property platform will raise an additional US$15 million for the round in the coming months and said that most of it has already been committed. Once completed, the deal will push 99 Group’s total funding raised to date to more than US$80 million.
99 Group team / Photo credit: 99 Group
Founded by Darius Cheung in 2014, 99 Group currently operates four property platforms across Singapore and Indonesia: 99.co, Rumah123, iProperty, and SRX. Between the first quarter of 2019 and Q1 this year, the company said its sales and monthly traffic grew 8x and 4x, respectively.
In a statement, 99 Group noted that it currently has a 70% market share in Indonesia. It have reached that figure after the company acquired UrbanIndo in 2018 and took over Rumah123’s operations from REA Group in 2019.
With the fresh funds, 99 Group plans to continue investing in R&D and expand to new markets in Southeast Asia.
According to Cheung, this is the right time to raise capital as 99 Group has already established leadership and is primed for expansion. “Having a strong balance sheet will also allow us to react to potential merger and acquisition opportunities, which we predict are going to come in abundance,” he said.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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