99 Group raises US$52m Series C round

PROPERTY platform 99 Group has raised a US$52 million Series C round led by Gaw Capital Partners. 99 Group runs property platforms 99.co, Rumah123.com, srx.com.sg and iproperty.com.sg.

This round comprises a first close of US$37 million and a further US$15 million to be raised in the coming months. Most of the US$15 million has already been committed.

With this round, 99.co has raised over US$80 million in funding. Gaw Capital Partners has a focus on real-estate markets and sees the investment as complementary to its real-estate projects.

Humbert Pang, managing principal, head of China and co-chair of alternative investments at Gaw Capital Partners, said: “We are very bullish on South-east Asia, and the investment in 99 is a natural testament to that.”

The funds will be invested in the group’s existing markets of Singapore and Indonesia, and focused on innovation, research and development, as well as expansion into other markets of Southeast Asia.

Darius Cheung, chief executive officer of 99 Group, said: “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.”