99 Group raises $11m in a Series C extension from Gaw Capital, others

99 Group raises $11m in a Series C extension from Gaw Capital, others

Photo by Mark C on Unsplash

Proptech firm 99 Group, the owner and operator of multiple real estate portals in Singapore and Indonesia, has raised $11 million in a Series C round extension from Gaw Capital Partners and OCBC NISP Ventura, per an announcement by the latter.

The 99 Group, which operates property portals such as 99.co, iproperty.com.sg, Rumah123.com and srx.com.sg, seeks to use the funding to continue its growth and expansion through strategic partnerships and acquisitions.

Hong Kong-headquartered real estate private equity firm Gaw Capital Partners provided $10 million, while OCBC NISP Ventura, the corporate venture capital of Indonesian lender OCBC NISP, contributed $1 million in the fresh round.

Gaw Capital was the lead investor in the startup’s Series C round last year. At the time, 99 Group said it has raised $52 million, with $37 million completed at the first close and a further $15 million to be raised over the coming months.

In August 2019, the real estate portal raised $15.2 million in a funding round led by MindWorks Venture and Allianz X. It counts Sequoia Capital India, Facebook’s co-founder Eduardo Saverin, MindWorks Ventures, Allianz X, 500 Startups, Golden Gate Ventures, and East Ventures as investors.

Founded in 2014 by Darius Cheung, Yan Phun, and Conor McLaughin, the proptech company has raised more than $80 million to date, according to DealStreetAsia DATA VANTAGE.

Late last year, DealStreetAsia reported that 99 Group was looking to buy Vietnamese proptech startup Propzy following a funding round by Gaw Capital.

Edited by: Padma Priya

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