International financial backing team Sequoia as well as Facebook co-founder Eduardo Saverin have backed a new Oriental building search site produced by Australian online company REA Group and Singapore property portal 99. co. The investment will certainly be made use of as functioning funding to speed up development and advancement in the brand-new joint venture, 99. co included.
REA as well as 99. co announced on Tuesday they had established a joint venture to develop the most significant residential or commercial property online search system for Singapore as well as Indonesia, with REA leading the risks as its biggest financier.
The increasing number of combinations of online portals and also technology groups, including Juwai.com as well as China’s Tencent, reflect the surge in popularity and growing deepness of the “proptech” market.
The brand-new joint venture will certainly incorporate the existing companies of 99. co, Indonesian search portal Rumah123.com and REA’s iProperty.com.sg. The joint venture will be helmed by 99. co’s senior management team, led by co-founder and president Darius Cheung.
REA got iProperty Group in 2016, capitalising on the vast varieties of south-east Eastern customers checking out Australian house.
Besides Sequoia and Mr Saverin, other establishing partners of 99. co including Allianz X, MindWorks Ventures, East Ventures and 500 Startups will certainly additionally invest in the new joint venture. Together they will certainly have 73 percent of the firm.
REA Team individually will be the largest investor of the joint venture at 27 per cent. It will certainly likewise contribute $US8 million ($ 11.9 million) in working funding to the brand-new company.
‘ Ripe for disruption’
” The Singapore marketplace is ripe for disturbance,” said Owen Wilson, REA Team president. “Our consumers in this market want a true sector partner who can deliver world-leading items and experiences.
” Joining pressures with 99. co develops the market-leading presence in regards to listings and also customers.”
” Integrated with our experience as well as experience in other nations where we are the clear market leader, this presents an amazing chance to quickly increase our market share in these increasing development markets.”
99. co president Darius Cheung will head up the joint endeavor while REA Asia chief executive Henry Ruiz as well as REA Group primary financial officer Janelle Hopkins will stand for REA Team’s passions as non-executive supervisors.
Mr Cheung’s consultation was a reflection of his management at 99. co, which currently has an individual base 32 times larger than it was two years back, Mr Ruiz claimed.
REA Asia employer Henry Ruiz. Supplied
” Over the past two years we’ve appreciated the technology and also rate that Darius and his group have actually given the marketplaces that they serve,” Mr Ruiz said.
Prior to 99. co, Cheung co-founded Singaporean mobile safety and security start-up tenCube in 2005, later on obtained by McAfee.
” Our JV company establishes the scene for us to create the primary area for building hunters in Singapore and Indonesia,” Mr Cheung said.
The deal goes through an even more due diligence arranged to complete later this year, with the new joint endeavor and also portal set to go online throughout Singapore as well as Indonesia in early 2020.
The joint venture would certainly position 99. co immediately as the market leader in Indonesia as well as, together with a considerable investment from REA Team, well-positioned to take market management in Singapore and Southeast Asia
International endeavor resources group Sequoia and Facebook co-founder Eduardo Saverin have backed a brand-new Asian building search website developed by Australian online business REA Group and also Singapore property website 99. The investment will certainly be utilized as working funding to speed up development as well as advancement in the new joint endeavor, 99. The new joint endeavor will certainly integrate the existing companies of 99. The joint venture will certainly be helmed by 99. Aside from Sequoia and Mr Saverin, other founding companions of 99.