Rocket Internet’s Lamudi gets $31.4m fresh funds for Asia push

Visual from Lamudi's social media page

Rocket Internet’s property portal for emerging markets Lamudi has raised fresh capital of up to $31.4 million (€29 million) in a latest funding round meant to beef up its business in Asia and Latin America.

The investment round was led by Asia Pacific Internet Group (APACIG), Holtzbrinck Ventures, and Tengelmann Ventures which is a division of retail group Tengelmann, the TechCrunch reported. APACIG is a joint venture firm of Rocket Internet and Qatari operator Ooredoo.

All three venture capitalists also led Lamudi’s previous $18-million round in February 2015.

The report clarified that the new financing excludes Lamudi Africa and Middle East which is run by Africa Internet Group, its sister business, also backed by Rocket Internet.

Also read: Rocket Internet’s Lamudi acquires Indonesian realty portal PropertyKita

Among Lamudi’s plans is to boost its presence in nine emerging markets across Asia and Latin America, namely the Philippines, Indonesia, Bangladesh, Myanmar, Pakistan, Sri Lanka, Mexico, Colombia, and Peru.

Lamudi co-founder and managing director Paul Philipp Hermann told TechCrunch their main goal right now is to build the brand in a bid to become the leading online real-estate portal in all of their markets.

Mexico and the Philippines are currently Lamudi’s strongest points, as online traffic to local sites in both countries represent almost half of its four million monthly visits to its collection of portals.

Also read: Global property portal Lamudi acquires PH real estate brand MyProperty.ph

The company caters to real estate segments such as residential, commercial, industrial, private islands, including social housing.

Among the challenging markets Lamudi now faces are Myanmar and Bangladesh where Internet adoption is just beginning to take off, and then Pakistan with its 180 million inhabitants and growing Internet users but is evidently dominated by its rival portal Zameen. The latter just recently raised $20 million and operates listings site Bayut in the UAE and is also reportedly aiming to expands its presence in the same target markets of Lamudi.

Lamudi disclosed its revenue increased 460 per cent in 2015, and is optimistic that figures could be higher this year.

Also read:

Property portal Lamudi doubles business in 1st yr

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.