Southeast Asia PropTech platform PropertyGuru has scored $220m in a new funding round that will help the company meet the rapidly evolving needs of the market.
The investment was led by global private equity firms TPG and KKR. KKR tapped its $9.3bn KKR Asian Fund III for the deal.
With this equity burst, the company has identified three key areas for growth. The first is continuing support for its newly launched PropertyGuru Finance service, an end-to-end sales enablement solution for property developers.
It will also look to increase the data capabilities for clients in Southeast Asia, and further develop its PropertyGuru FastKey service, which is an end-to-end automated service to accelerate property sales.
Singapore-based PropertyGuru is an online property marketplace helping consumers to buy and rent a range of property types across the country. The platform also enables users to purchase property in a number of other countries including Australia, Cambodia, Cyprus, Germany, India, Indonesia, Japan, Malaysia, Mongolia, Philippines, Sri Lanka, Thailand, UAE, UK and Vietnam.
The company claims to helps users choose between more than 2.7 million homes.
This investment comes after a strong period of growth for the PropTech platform, culminating in a 24% year-over-year revenue growth.
PropertyGuru Olivier Lim, chairman of the board said, “Since its founding in 2007, PropertyGuru has secured its leadership by continuing to provide increasing value to all its customers and users.
“We have scaled rapidly across Southeast Asia by anticipating and addressing consumer needs with a data-driven strategy, underpinned by a talented team of ‘Gurus’. This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments.”
The company previously raised $145m in its Series D round in 2018, which was also led by KKR and its Asian Fund III.
Copyright © 2020 FinTech Global
