Real estate technology company S’pore 99 Group raises US$52 million in Series C


Southeast Asia’s fastest growing online real estate platform, 99 Group, announced today (July 28) that it has raised US$52 million in a Series C, led by Gaw Capital Partners.

A sum of US$37 million was secured in the first close, and a further US$15 million will be raised over the coming months, the majority of which has already been committed. This more than doubles the total capital raised by 99 Group to over US$80 million.

Proceeds will be used to further invest in existing markets of Singapore and Indonesia, continue to invest in industry leadership in innovation, research and development, and expand into new markets in Asia Southeast (SEA).

In Singapore, 99 Group operates, and, while in Indonesia it operates and

Since acquiring SRX, 99 Group has doubled its agent subscriber base in Singapore and established itself as a clear market leader. It is also the dominant market in Indonesia, with over 70% of the audience market share.

Group 99 also saw more than eight times sales growth between the first quarter of 2019 and 2022, and more than four times traffic growth to 30 million per month over the same period.

99 is about to be a property “super app”

Image credit: Gaw Capital Partners

Lead Investor Gaw Capital Partners is a private equity fund management firm focused on real estate markets in Asia-Pacific and other high-barrier-to-entry markets globally.

Its venture capital arm, with more than $800 million in assets under management (AUM), focuses on investing in technology companies and real estate-related operating companies.

“We are very bullish on Southeast Asia, and the 99 investment is a natural testament to that. It gives us great synergy to help us analyze the market for investment opportunities and unparalleled go-to-market capabilities for our projects,” said Humbert Pang, Managing Director, Head of China and Co-Chairman of Alternative Investments at Gaw Capital Partners.

“In every market, there’s always the base proptech market where the center of gravity is – the ‘super app’ of ownership, if you will. We saw that early on with Beike and are seeing that now with 99. With SEA’s long growth streak, we believe 99 can be the natural player to consolidate the regional market in the coming years,” added Herbin Koh, Director, Head of Business & Growth at Gaw Capital.

Expansion of footprint in SEA app
Image credit:

“We see huge opportunities in these uncertain global markets and our belief in SEA’s growth remains unwavering. Now is the perfect time to raise capital, as we have established our leadership in key markets and are ready to expand into new markets with all the technology, experience and operational capabilities we have developed,” said said Darius Cheung, CEO of 99 Group.

“Having a strong balance sheet will also enable us to react with agility and determination to potential M&A opportunities, which we believe will present themselves in abundance.”

Earlier in February, it was reported that online classifieds company Carousell was in talks to acquire 99 Group for US$150 million in a cash and stock deal.

As 99 Group plans to expand its presence across the SEA, this potential sale would help fuel its expansion plans in markets such as Malaysia, Indonesia, Thailand and Vietnam, where he entered last year.

The deal could also help 99 Group better compete with rival PropertyGuru, which operates in the same five markets.

Featured Image Credit: 99 Group


Comments are closed.