The Singapore-based real estate portal operator, 99 Group, has secured an additional $11 million U.S. in funding for its Series C round. The money reportedly came from the Hong Kong-based private equity firm Gaw Capital Partners, who led the previous round, and OCBC NISP Ventura.
99 Group operates the leading real estate marketplaces in Indonesia (99.co and rumah123.com) as well as portals in its native Singapore (99.co, iProperty.com.sg and SRX) and is the main competitor to PropertyGuru in those markets.
With this latest funding, 99 Group has raised over $100 million U.S. to date. The company plans to utilize the investment to promote innovation and expand its presence in existing South East Asian markets, as well as explore opportunities to enter new markets in the region.
In July 2022, 99 Group announced that it had raised $52 million U.S. in its Series C funding, after pulling out of merger talks with fellow Southeast Asian marketplace operator Carousell.