The company said $37 million was completed at the first close and a further $15 million will be raised over the coming months, the majority of which has already been committed. The latest funding round more than doubles the total capital raised by 99 Group to over $80 million.
The proceeds will be used to further invest in existing markets Singapore and Indonesia, continue investment in leading the industry in innovation, research and develop and expand to new markets in Southeast Asia.
99 Group operates 4 major property platforms across Singapore and Indonesia, including 99.co, Rumah123.com, srx.com.sg and iproperty.com.sg. It has seen over 8x growth in sales from Q1’19 to Q1’22, and over 4x growth in traffic to 30m per month over the same period.
“We see tremendous opportunities in these uncertain global markets and our conviction in Southeast Asia’s growth remains steadfast. This is the perfect timing to raise capital as we have established leadership in core markets and are ready to expand to new markets with all the technology, experience and operational capabilities we have built,” said Darius Cheung, CEO of 99 Group.
The company doubled its agent subscriber base in Singapore since the acquisition of SRX and establish itself as a clear leader in the market, and is the #1 dominant marketplace in Indonesia over 70% audience market share.
Lead investor Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally and has commanded assets of over $35.2 billion under management. Its investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.