Worldwide venture resources group Sequoia and Facebook founder Eduardo Saverin have actually backed a brand-new Oriental residential or commercial property search site produced by Australian online company REA Team and also Singapore building portal 99. The investment will be made use of as functioning resources to increase growth as well as advancement in the brand-new joint venture, 99.
REA as well as 99. co revealed on Tuesday they had actually developed a joint venture to build the largest home online search platform for Singapore as well as Indonesia, with REA leading the stakes as its biggest investor.
The climbing number of loan consolidations of on the internet websites and also tech groups, consisting of Juwai.com and also China’s Tencent, show the explosion in popularity as well as growing depth of the “proptech” industry.
The new joint venture will integrate the existing businesses of 99. co, Indonesian search portal Rumah123.com and REA’s iProperty.com.sg. The joint endeavor will be helmed by 99. co’s elderly administration team, led by co-founder and also primary exec Darius Cheung.
REA acquired iProperty Team in 2016, capitalising on the substantial varieties of south-east Oriental buyers looking at Australian property.
In addition to Sequoia and also Mr Saverin, other starting partners of 99. co consisting of Allianz X, MindWorks Ventures, East Ventures and also 500 Start-ups will also spend in the brand-new joint endeavor. With each other they will certainly possess 73 percent of the firm.
REA Team individually will be the biggest shareholder of the joint venture at 27 per cent. It will certainly also contribute $US8 million ($ 11.9 million) in functioning resources to the new business.
‘ Ripe for disturbance’
” The Singapore marketplace is ripe for disruption,” claimed Owen Wilson, REA Group president. “Our customers in this market want a true sector partner who can supply world-leading items and also experiences.
” Signing up with forces with 99. co creates the market-leading existence in terms of consumers and listings.”
” Incorporated with our knowledge and experience in other nations where we are the clear market leader, this presents a fantastic chance to rapidly enhance our market share in these expanding growth markets.”
99. co chief exec Darius Cheung will direct the joint endeavor while REA Asia president Henry Ruiz as well as REA Team primary monetary police officer Janelle Hopkins will stand for REA Group’s interests as non-executive supervisors.
Mr Cheung’s appointment was a reflection of his leadership at 99. co, which currently has a customer base 32 times larger than it was 2 years back, Mr Ruiz claimed.
REA Asia employer Henry Ruiz. Provided
” Over the past 2 years we’ve admired the development as well as rate that Darius and also his group have actually offered the marketplaces that they offer,” Mr Ruiz stated.
Prior to 99. co, Cheung co-founded Singaporean mobile security startup tenCube in 2005, later on gotten by McAfee.
” Our JV business establishes the scene for us to create the leading location for residential or commercial property hunters in Singapore as well as Indonesia,” Mr Cheung claimed.
The deal is subject to a further due persistance arranged to finish later on this year, with the new joint venture as well as portal set to go online throughout Singapore and also Indonesia in very early 2020.
The joint venture would put 99. co right away as the marketplace leader in Indonesia and, in addition to a significant financial investment from REA Team, well-positioned to take market leadership in Singapore and also Southeast Asia
International venture capital team Sequoia as well as Facebook co-founder Eduardo Saverin have backed a new Oriental residential property search site created by Australian online organisation REA Team and Singapore residential property portal 99. The investment will certainly be made use of as working resources to increase growth and advancement in the brand-new joint venture, 99. The brand-new joint venture will certainly incorporate the existing companies of 99. The joint endeavor will certainly be helmed by 99. Aside from Sequoia and Mr Saverin, other starting companions of 99.