Singapore-based real estate platform 99.co has raised US$15.2M in their Series B funding round led by MindWorks Venture and Allianz X.
The investment round also received significant participation from existing investors East Ventures, Sequoia India and Eduardo Saverin.
With the new funds, 99.co said it will “build and extend its reach in its current core markets of Singapore and Indonesia, [and also] launch new markets”.
On top of that, they’re planning to extend into a new vertical of offering property-related financial products.
Founded by Darius Cheung, Yan Phun and Conor McLaughlin in 2013, 99.co brought simplicity and reliability to the property-search experience through “design-centric technology and data for end users and agents”.
In a press release, the real estate platform said its total user base has grown by 38 times in the last two years, “from around 100,000 users per month in 2017, to around 3.8 million users in 2019”.
Traffic to their website also grew by about 5 times in the same period. Coming from 450,000 visits a month in 2017, monthly visits have since surpassed 2 million from February 2019 onwards.
With Allianz’s digital investment arm as a new major investor, 99.co will get to work with them for their foray into financial services.
“Being one of the three largest financial services in the world, [Allianz] brings immense experience, capabilities and network that would be an important strategic anchor in our expansion into financial services in real estate,” said Darius.
He also added that they are excited to learn from Hong Kong-based MindWorks which has “one of the best vantage points of the developments from China market”.
Vulcan Post has reached out to 99.co for more details on the new markets they’re eyeing, and the financial products they plan to develop.
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