KUALA LUMPUR, June 9 — Online property firm PropertyGuru announced today it has raised S$175 million (RM485 million) in funds in its plan to expand its virtual real estate across Southeast Asia.
The Singapore-based company said the funds are from a consortium of three companies: US-based private investment firm TPG, Indonesian media giant Emtek Group and Asia Pacific-based tech venture capital firm Square Peg Capital.
The deal is expected to close by the middle of this month, at which point representatives from the consortium will join PropertyGuru’s board, the company said in a statement.
The company estimates its value of real estate transactions through the PropertyGuru online platform at S$14 billion (RM39 billion) annually and claims to conduct roughly 10 per cent of all property transactions in Southeast Asia.
“PropertyGuru has built its track record on a vision of consumer-centric innovation that empowers people to make better property decisions.
We will capitalise on this investment to tap into the Southeast Asia property market potential and developments in the digital space to further our regional agenda,” Steve Melhuish, CEO and co-founder of PropertyGuru said in the statement.
TPG senior advisor Tunku Ali Redhauddin said PropertyGuru’s continued growth in Malaysia proves the online property search company has the capacity to grow even further.
TPG already owns complementary internet and real estate companies in its portfolio, including Uber, Airbnb, Lynda.com, SurveyMonkey, RentPath and 8990 in the Philippines.
