PropertyGuru raises S$175m Series C round
SINGAPORE, June 9, 2015 — Singapore-based real estate portal PropertyGuru Group said in a press release is has raised S$175 million (USD$129 million) in funding and investors include U.S. private equity firm TPG and Indonesian Emtek.
Founded in 2006, PropertyGuru operates property search websites in Singapore, Malaysia, Thailand, and Indonesia.
According to Australia’s Financial Review, the value of real estate transactions through the platform is estimated to be $S14 billion annually, representing around 10 per cent of all property transactions in the region. Only around 10 per cent of real estate advertising revenue in Southeast Asia is spent online.
Other investors were Indonesian media company Emtek Group and Asia Pacific-based tech venture capital firm Square Peg Capital, PropertyGuru said in a statement. It added that the transaction should close by mid-June, at which point representatives from the consortium will join PropertyGuru’s board.