Latin American classified company receives $30 million funding round

Posted by on Nov 13, 2012 in Market statistics, Real estate, Recruitment

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Tiger Global Management, a private investment manager that was extensively involved in online classifieds a few years back, has made a major new investment in a Latin American classifieds company.

Navent, which operates real estate, recruitment and auto sites in 13 Latin American countries, announced a $30 million Series B funding round from Tiger Global, its controlling shareholder, and Riverwood Capital, a global technology private equity firm.

Navent owns Imovelweb in Brazil; Bumeran, a job site throughout Latin America, and Mercadoi in Mexico. The company said ImmovelWeb has grown to incorporate more than 300,000 listings, 2.5 million unique users monthly and more than 7,000 real estate agents registered. Bumeran has about 5 million unique users a month and more than 50,000 job listings, published by more than 15,000 companies, Navent said.

“As internet penetration in Latin America increases, the method for obtaining information and acquiring either a job or a piece of real estate will increasingly shift to an online experience,” CEO Nicolas Tejerina said in the announcement. ”This additional capital will help us take advantage of this opportunity and accelerate the implementation of our growth strategies.

“In the coming years we plan to continue rolling out new products and features, expand geographically, and consolidate our leadership position in key markets.”

Navent operates in Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru, Uruguay and Venezuela.

Navent primarily manages real estate and recruitment sites, but it also offers Peru Autos, an automotive site in Peru (logically); a gaming site in Peru, and minority stake in an online restaurant guide in Argentina.

(More info here from TechCrunch.)

Tiger Global has quietly invested in numerous classified sites and Internet companies worldwide, including Bayt.com in the U.A.E; Bitauto Holdings (China); Baidu.com (China); HomeAway (a vacation rentals site in the U.S. and Europe); Amazon.com, Facebook, Priceline and Yelp (U.S.). On Tuesday, 360Buy.com, a Chinese business-to-consumer website, announced a funding round that included Tiger Global.

Written by AIMGroup