Singapore-based real estate marketplace 99 Group, which owns 99.co and Rumah123.com, raised $52 million U.S. in its Series C round, led by Gaw Capital Partners, a private equity fund management firm focused on the Asia-Pacific real estate market and several other high barrier-to-entry global markets.
This latest funding comes after the first injection of $37 million U.S. was completed and followed by another $15 million U.S. raised in stages over the last few months. The latest round doubled the total capital raised by 99 Group to more than $100 million U.S.
“We are very optimistic about the Southeast Asian market, and our investment in the 99 Group is the right move. This brings synergies and helps us better understand the market to open up investment opportunities and make the go-to-market capabilities for our projects more advanced,” said Humbert Pang, managing principal at Gaw Capital Partners.
Gaw Capital’s subsidiary, which has more than $800 million U.S. in assets under management (AUM), focuses on proptech and several operating companies. Major investments made in real estate include China’s largest brokerage platform, Beike (NYSE: BEKE; HKEX: 2423), Wanda Commercial Management Group, Full Truck Alliance, Switch Automation, and Sensorflow, among others.
Real estate marketplace 99 Group has reached its current total assets of $35.2 billion U.S. invested across a spectrum of real estate sectors, including residential developments, offices, shopping centers, serviced apartments, hotels, logistics warehouses, and IDC projects.
The latest investment will be used to optimize the potential of existing markets in Singapore and Indonesia and continue innovation, research, development and expansion for new markets in the Southeast Asia region.