99.Co Announces US$7.9 Million Funding
7 April 2017
Singapore headquartered 99.co announces USD $7.9M (~SGD$11M) in latest round of financing. Investors leading the round are Sequoia Capital and Eduardo Saverin, who are existing investors in the company. Other existing investors East Ventures and 500 Startups have also participated in the round.
Since its last funding in 2015, 99.co has remained the fastest growing real estate technology company in Southeast Asia, serving more than 2.5M users in 2016, growing more than 150 percent year-on-year on all metrics including traffic and leads generated. The company expanded to Indonesia in 2016 and now operates in Jakarta and Surabaya, adopting a unique full-stack approach empowering end-to-end transactions with developers and agents to complete the entire process.
“With this funding, we will continue our expansion within our core markets and across the region,” said 99.co CEO Darius Cheung. “This is a huge milestone for us, and this growth is only made possible due to the trust and support we’ve received from our partners, users and customers. We will continue to grow from strength to strength to bring innovation to the real estate industry”.
In Indonesia, 99.co has transformed from a pure-play property portal to a 360 real estate technology company. The company now offers a listing marketplace, data science products, agents tools and have recently also unveiled a disruptive product for real estate developers in Jakarta earlier this year. The transactional volume has grown at the rate of 188 percent month-on-month for the last 12 months, and is currently over USD$90M on an annual-run-rate basis.
“We are excited about the success we have seen in a matter of months since our launch, delivering value to consumers and to our property developers and agencies partners. We look forward to continue being a great technology partner and to operate in 8 more cities by end of this year,” said Irvan Ariesdhana, Country Manager of 99.co Indonesia.
“We are glad to partner with bold and innovative technology companies like 99.co,” said Jack Chua, CEO of ERA Realty Group. “ERA is the largest real estate agency across the Southeast Asia region and we are excited to see that our long standing partnership with 99.co in Singapore has expanded across to tremendous markets like Indonesia.”
“There is no question that real estate is one of the largest market that has remained antiquated and inefficient,” said Eduardo Saverin, investor in 99.co. “With no clear leader in Southeast Asia, this is an opportunity to build a unicorn-level company many times over. I am proud to partner with 99.co and look forward to supporting the company throughout its journey.”
Source: Vulcan Post