Funding and Investment Roundup: Hemnet, Vivla, Bien'ici, Beike, MilikiRumah

This week's roundup features some household names in Europe and beyond. We'll start in Sweden...

Europe: Hemnet CEO hits back after share price tumble

Jonas Gustafsson said Hemnet's recent share price slip does not reflect reality after research published by Bank Nordea suggested the Swedish market leader has limited growth opportunities.

Nordea's research revealed that over two-thirds of Swedish realtors think Hemnet's products are overpriced, with the bank concluding that Hemnet runs the risk of losing market share for continued overexertion of its dominant market position. "Hemnet's growth journey is over," claimed Nordea, adding that "shrinking revenues and profits in the coming year are conceivable."

"We now argue that Hemnet's risk profile justifies a valuation discount relative to international peers," Nordea wrote in its analysis.

Hemnet's share prices fell eight per cent within 30 minutes of the Swedish markets' opening after Nordea's research was published.

But Hemnet CEO Gustafsson came out swinging to the media, saying:

“We have seen similar surveys and investigations historically and noted that they deviate greatly from the actual outcome. Depending a little on the type of market it is, we have historically seen that our market share has varied between 86 and 90 percent. I feel confident that the 70 percent referred to does not reflect the reality of the proportion of housing advertisements published on Hemnet.

"Then it should also be said that 2025 has been a challenging and special housing market. We have seen on Hemnet that the number of published homes is decreasing and that it is a very tough market out there.

"What took 20–25 days a few years ago is now up to 50 days. If we look at the last twelve months, it will take 20 percent longer in 2025 compared to 2024. Another thing that affects the market a lot is that more people are selling before they buy. We believe that is an important dynamic, at the same time we have a challenge with housing prices in many parts of Sweden not being back to the levels we had a couple of years ago. If you are forced to sell here and now, it could mean that you make a capital loss. It creates inertia that affects and benefits what is in the pre-market."

Gustafsson added that Hemnet's "Max" product has seen good traction since its introduction earlier this year, saying Max ads "receive both more traffic and a higher final price."

Vivla agrees €65 million credit line to buy more properties

The Spanish fractional ownership platform Vivla has raised a debt financing round worth €65 million, led by Fasanara Capital.

The credit line will be used to acquire homes in various European markets, with Vivla now expanding its buying power to over €200 million.

According to reporting by Observatorio Inmobiliaro, Vivla has an active portfolio of more than 70 properties in various stages of acquisition and turnover, with an aggregate value exceeding €100 million.

Carlos Gómez, CEO and co-founder at Vivla, said:

"This agreement confirms that Vivla is no longer a promise but a solid real estate infrastructure. It gives us long-term financial visibility that allows us to execute our growth plan with complete peace of mind, accelerate our expansion and continue to build a new standard in vacation ownership in Europe." [Translated from Spanish]

Vivla manages a community of over 400 homeowner families and operates in 12 destinations across Spain and Southern Europe. The company has raised an €9 million in capital since July 2025.

Bien'ici boss reiterates that the company's acquisition risk was high before Arche Group collaboration

David Benbasset, the returning boss at the French real estate portal Bien'ici, says the company was at risk of being bought out by one of its main competitors before Arche Group stepped in earlier this year.

Arche Group acquired horizontal marketplace ParuVendu.fr and unveiled a collaboration with Bien’Ici in October, solidifying the portal's future in the struggling French real estate market.

Benbasset said:

"My return to the helm of Bien'ici is partly due to this change in ownership. The acquisition of Nexity's stake in Bien'ici by the Arche group represents a real opportunity for the sector. Without this transaction, Bien'ici would certainly have disappeared, bought out by one of its competitors. My roadmap is clear and remains true to our initial stance: to guarantee real estate agencies the best quality/price/services/performance ratio on the market in terms of advertising distribution. With the support of the Arche group and our unwavering determination, we have all the tools to conquer the top spot on the podium." [Translated from French]

Benbasset commented that Bien'ici celebrated its tenth year in business with record web traffic, over 220 million visits (up 20% year-on-year) while the company offered new commercial offers "to provide real estate agents with greater visibility and performance."

Bien'ici is clearly embarking on a vocal branding strategy after Benbasset told the media that the portal wants to become a clear market leader in France by 2030.

Asia: Chinese investors buy Beike shares worth $2.5Bn

Chinese investors havepurchased approximately 455 million shares of KE Holdings Inc. (Beike) worth approximately HK$20 billion ($2.5 billion) in the past month.

According to a story by STCN, the share purchase constitutes circa 13% of Beike's total share capital, while "data shows that Beike saw net inflows of southbound funds on 10 out of the past 10 trading days; and on 18 out of the past 20 trading days, it saw net inflows, indicating strong investor interest." [Translated from Chinese]

In addition to the Hong Kong Stock Connect program, Beike has continued to see increased holdings from major international and domestic financial institutions this year. Among them, Gaoyi Asset Management, a leading domestic private equity firm, increased its holdings of Beike by approximately 660,000 US shares in the third quarter, representing about 2.15% of its portfolio, making it one of its top ten US stock holdings. First Domain Capital increased its holdings of Beike by approximately 1.566 million US shares in the third quarter, while Temasek also increased its holdings by 930,000 US shares during the same period.

Indonesian Startup MilikiRumah Targets $10M Fund Raise

MilikiRumah is looking to raise $10 million as it scales a housing model aimed squarely at Indonesia’s unbankable population, a segment largely excluded from traditional mortgage finance.

The Singapore and Indonesia-based PropTech is combining a rent-to-own product with an AI-powered credit scoring tool to underwrite buyers without formal credit histories or stable income documentation. In a market with a chronic housing deficit, that combination is gaining attention.

The company’s rent-to-own scheme allows households to move into homes while paying instalments over time, with ownership transferring later. More interestingly, MilikiRumah’s alternative credit scoring system is reportedly emerging as a standalone revenue driver, potentially outpacing the core housing product.

With plans to raise significantly more capital for its rent-to-own fund in the future, MilikiRumah is positioning itself as part PropTech, part financial inclusion play, a mix that could resonate well beyond Indonesia.

Below: MilikiRumah Co-founder, Winston Lee presents at Property Portal Watch Bangkok 2025

North America: Opendoor acquires HomeBuyer.com

Opendoor's evolution from pure iBuyer to an integrated homebuying and selling platform has continued with the acquisition of the mortgage broker HomeBuyer.com for an undisclosed sum.

HomeBuyer founder Dan Green has been named Director of Mortgage Growth at OpenDoor as part of the deal.

HomeBuyer's website currently does not work, saying "Homebuyer.com is now part of Opendoor," with an updated experience expected to launch in mid-January as Opendoor distances itself from its high-risk property flipping business model towards a more balanced, product-focused platform.

Opendoor's Products

Opendoor appointed Shopify's Kaz Nejatian as CEO in September, with several C-level hires following his arrival. Opendoor's Chairman and co-founder, Keith Rabois, suggested that Opendoor's "bloated" headcount could be slashed from 1,400 to just 200 in 2026.