In early August, PropertyGuru received $146.9 million from REA Asia Holdings Co, according to ACRA filings. REA Asia Holdings Co is currently the third biggest shareholder in the firm with an 18% stake, behind Epsilon Asia Holdings and TPG Asia, according to DATA VANTAGE.
The latest investment by REA Asia follows PropertyGuru’s plan, announced in July, to go public through a merger with a blank-cheque firm backed by billionaires Richard Li and Peter Thiel, giving the merged entity an equity value of about $1.78 billion. PropertyGuru is currently valued at $816.3 million.
The SPAC deal, with Bridgetown 2 Holdings, is expected to fetch proceeds of $431 million, including a private investment of $100 million from Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers.
Top shareholders in PropertyGuru
Meanwhile, Soho Property, the owner of Sohoapp.com, received $2 million in paid-up capital last week from various investors including BMT IT Services and existing shareholder Soho Property Investors. This brings the year-to-date increase in paid-up capital of the firm to $3 million.
The latest proptech deals could be a sign of an uptick in the realty market as property searches recover, from the COVID-hit, at different paces across Asia.
Singapore’s residential sales market is poised for a steady recovery this year, said JLL senior director of research, Ong Teck Hui in a Q1 2021 report. Manila is also seeing improvements in the leasing market, buoyed by tenant relocations, said the JLL researchers. In Kuala Lumpur, the large incoming supply is likely to keep rents and capital values under pressure, and in Jakarta, buyer caution is causing demand to remain soft.
Other snippets from DATA VANTAGE
Singapore-based ACM Biolabs, involved in developing vaccines, received $4.9 million in paid up capital last week, with Ritz Venture Capital pumping in close to $4 million. The same investor had pumped in around $1 million in January this year.
Alami Technologies, a sharia-compliant peer-to-peer (P2P) lender headquartered in Jakarta, received $17.5 million last week, as shown by official filings. The current round is understood to have been led by new investor EV Growth — a joint venture between East Ventures, SMDV, and YJ Capital — and existing backer Accion Quona Capital, which has its headquarters in Washington and Bengaluru in India.
Private markets platform Capbridge Financial received $1.2 million in paid-up capital from AMTD International. In June, the digital finance arm of AMTD Group had announced that it will take a majority stake in private capital platform CapBridge Financial as part of a strategic partnership between the two parties to expand the digital assets exchange platform, Business Times reported.
Caretech Inc received $13.9 million last week, with Heritas Helios Investments and SBI AI&Blockchain Investment pumping in almost $5 million and $3.2 million respectively.
Lozi Singapore., which runs an e-commerce platform, received a new round of funding amounting to $14 million this week. The funding puts the firm’s year-to-date total funding at $18.18 million.
Market research and public opinion polling firm, Milieu Insight, secured funding totalling $5.4 million. The fresh funding round followed a round of investment in January.
Fintech company Noviscient reported raising a third round. The firm received $600,000 in August, following a $375,000 increase in paid-up capital last month.
Daily commute solutions startup Zophop Technologies, also known as Chalo, received $3.08 million in new funding this week. Chalo is now 13% owned by Xiaomi Singapore.