Global endeavor funding group Sequoia and also Facebook founder Eduardo Saverin have backed a new Eastern property search portal produced by Australian online company REA Team and also Singapore residential or commercial property portal 99. co. The investment will be made use of as functioning resources to increase development as well as growth in the new joint venture, 99. co included.
REA and 99. co introduced on Tuesday they had actually developed a joint endeavor to construct the largest property online search system for Singapore and also Indonesia, with REA leading the stakes as its greatest capitalist.
The climbing variety of debt consolidations of online portals and tech groups, including Juwai.com as well as China’s Tencent, reflect the surge in popularity as well as growing deepness of the “proptech” market.
The new joint venture will certainly integrate the existing businesses of 99. The joint venture will be helmed by 99.
REA got iProperty Team in 2016, capitalising on the large numbers of south-east Asian buyers looking at Australian property.
Apart from Sequoia and also Mr Saverin, other establishing companions of 99. co consisting of Allianz X, MindWorks Ventures, East Ventures and 500 Startups will also purchase the brand-new joint venture. Together they will have 73 percent of the business.
REA Group individually will be the biggest shareholder of the joint endeavor at 27 percent. It will additionally add $US8 million ($ 11.9 million) in working capital to the new organisation.
‘ Ripe for disruption’
” The Singapore marketplace is ripe for disruption,” said Owen Wilson, REA Group chief executive. “Our customers in this market desire a true sector partner who can supply world-leading items as well as experiences.
” Joining forces with 99. co and iproperty produces the market-leading visibility in terms of listings and also customers.”
” Combined with our knowledge and also experience in various other countries where we are the clear market leader, this presents a superb chance to rapidly enhance our market share in these expanding development markets.”
99. co chief executive Darius Cheung will certainly direct the joint venture while REA Asia president Henry Ruiz and REA Group chief financial police officer Janelle Hopkins will certainly represent REA Group’s rate of interests as non-executive directors.
Mr Cheung’s consultation was a representation of his leadership at 99. co, which currently has a user base 32 times bigger than it was 2 years earlier, Mr Ruiz stated.
REA Asia boss Henry Ruiz. Supplied
” Over the previous two years we’ve appreciated the technology and also speed that Darius as well as his team have actually given the industries that they offer,” Mr Ruiz claimed.
Prior to 99. co, Cheung co-founded Singaporean mobile safety start-up tenCube in 2005, later on acquired by McAfee.
” Our JV business establishes the scene for us to produce the top location for property candidates in Singapore and Indonesia,” Mr Cheung claimed.
The purchase goes through a further due diligence scheduled to complete later this year, with the brand-new joint endeavor and also portal collection to go online across Singapore and also Indonesia in early 2020.
The joint venture would place 99. co immediately as the market leader in Indonesia and, along with a considerable financial investment from REA Group, well-positioned to take market management in Singapore and also Southeast Asia
International venture resources group Sequoia and Facebook co-founder Eduardo Saverin have backed a new Oriental residential property search portal created by Australian online organisation REA Group and Singapore building website 99. The investment will certainly be used as functioning funding to increase growth as well as development in the new joint venture, 99. The new joint endeavor will combine the existing businesses of 99. The joint venture will certainly be helmed by 99. Apart from Sequoia as well as Mr Saverin, various other starting partners of 99.