99 Group, a Singapore-based online property platform, has raised $52 million in a Series C round led by Gaw Capital Partners, more than doubles its total capital raised to over $80 million.

99 Group said in a statement that $37 million completed at the first close and a further $15 million to be raised over coming months, of which majority has already been committed.

The proceeds will be used to further invest in existing markets Singapore and Indonesia, continue investment in leading the industry in innovation, research and development and expand to new markets in Southeast Asia.

“We see tremendous opportunities in these uncertain global markets and our conviction in Southeast Asia’s growth remains steadfast. This is the perfect timing to raise capital as we have established leadership in core markets and are ready to expand to new markets with all the technology, experience and operational capabilities we have built,

“Having a strong balance sheet will also allow us to react with agility and decisiveness to potential merger and acquisition opportunities, which we predict are going to come in abundance,” said Darius Cheung, Chief Executive Officer of 99 Group.

99 Group is Southeast Asia’s fastest growing property platform backed by investors including East Ventures, LightVC, Sequoia, Mindworks and Allianz X. Its mission is to be the simplest and most trusted marketplace for property seekers and industry. The company is headquartered in Singapore and has offices in Jakarta, Surabaya, and Bandung.

The company operates four major property platforms across Singapore and Indonesia, including 99.co, Rumah123.com, srx.com.sg and iproperty.com.sg. It has seen over eight times growth in sales from the first quarter of 2019 to first quarter 2022, and over four times growth in traffic to 30 million per month over the same period.

The firm doubled its agent subscriber base in Singapore since the acquisition of SRX and established itself as a clear leader in the market, and is the number one dominant marketplace in Indonesia with over 70 percent audience market share.

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

Gaw Capital Partners is a private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally and has commanded assets of over $35.2 billion under management. The firm investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

First making its mark in revamping the Roosevelt Hotel in Hollywood, Los Angeles over two decades ago, Gaw Capital continues to grow from strength to strength globally and now counts many landmark projects such as the DUO Tower & Galleria in Singapore, Cityplaza One, Three & Four, People’s Place in Hong Kong, Intercontinental Hotel in Hong Kong, and Skybridge in Shanghai.

Gaw Capital’s venture arm, with over $800 million in assets under management (AUM), focuses on investing in real estate related tech ventures and operating companies. Its notable investments in real estate related companies include China’s largest property brokerage platform Beike, Wanda Commercial Management Group, Full Truck Alliance, Switch Automation and Sensorflow, just to name a few.

“In every market, there is always the cornerstone marketplace in proptech where the center of gravity is – the super app of property, if you will. We saw that with Beike early and see that now with 99 Group. With the long runway of growth in Southeast Asia, we believe 99 Group can be the natural player to consolidate the regional market in the coming years,” said Herbin Koh, Director, Head of Venture and Growth Equity at Gaw Capital.

Malaysia property developer Hatten Land partners Singapore FinTech Hydra X to develop and operate cryptocurrency exchanges