Singapore-based property portal 99.co has raised S$11 million (US$7.9 million) in a funding round led by Facebook co-founder Eduardo Saverin and Sequoia Capital India Advisors Private Limited, who are existing investors in the company.
The CEO of 99.c0, Darius Cheung, said that 20 per cent of the funding will be used to fund the company's R&D, while the remainder will go towards funding growth in eight Indonesian cities; earlier this year 99.co launched in both Jakarta and Surabaya.
“We believe in helping the 99 per cent make the best property decisions, which in part means providing the widest selection of options and in other part, the most powerful decision tools, and that’s what we would focus on,” Cheung told e27.
Irvan Ariesdhana, Country Manager of 99.co Indonesia, said since the company's Indonesian launch earlier this year, the portal had seen fast growth.
“We are excited about the success we have seen in a matter of months since our launch, delivering value to consumers and to our property developers and agencies partners. We look forward to continue being a great technology partner and to operate in eight more cities by end of this year,”Ariesdhana said.
The emphasis on a solid tech platform has also been ramped up since the portal's expansion into more underdeveloped markets.
“Heavy focus on the Android [OS], catering to smaller screen, less powerful devices and low bandwidth are all basic adaptations that are expected. But beyond that, it’s also cultural adaptations to a much more social and much less utilitarian culture compared to Singapore,” said Cheung.