Rocket Internet’s property portal Lamudi raises $31.4m from existing backers

Co-founder says additional funds will allow it to achieve market leadership, dominance in more markets at faster rate


Judith Balea February 04, 2016
PHOTO: TECH IN ASIA

Lamudi, Rocket Internet’s property listings site for emerging markets, today announced it has added US$31.4 million (EUR 29 million) to its coffers after closing a new investment.

The company secured the investment from Asia Pacific Internet Group – a joint venture between Rocket Internet itself and Qatari telco Ooredoo, European VC firm Holtzbrinck Ventures, and Tengelmann Ventures, a division of retailer Tengelmann.

All three are existing backers of Lamudi, having injected US$18 million into the company a year ago. The company’s statement says it will use the money to strengthen its Asia and Latin operations, but doesn’t give any specifics.

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Launched in 2013, Lamudi operates in nine markets, including the Philippines, Indonesia, Bangladesh, Myanmar, Pakistan, Sri Lanka, Mexico, Colombia, and Peru.

“The additional funds will allow us to achieve market leadership and dominance in more markets at a faster rate,” says co-founder and managing director, Kian Moini.

Kian says they had an intense 2015, particularly in the Philippines, where they significantly increased the size of their marketplace by acquiring rival MyProperty.

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While the Philippines is one of the company’s strongest markets, the country has grown crowded with the rise of several property portals trying to take advantage of the real estate boom.

This article originally appeared on Tech in Asia.

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