GORO, an Indonesia-based fractional property marketplace platform, has raised $1 million in a pre-seed round led by early-stage venture capital firm Iterative.

The funding round was also participated by several prominent investors including XA Network, StashAway’s Angel Investing Program and Indonesian property veteran, Mike Broomell of Colliers Indonesia, GORO said in a statement on Wednesday.

According to the statement, the fresh capital will be used to expand GORO’s team and fortify its regional user acquisition strategy.

“Everyone aspires to invest in property, but the obstacles of financial entry barriers and complex procedures deter many individuals,

“GORO aims to address these challenges and enable anyone, regardless of their location, to build a high-yielding property portfolio,” said Robert Hoving, Co-Founder and Chief Executive Officer of GORO.

Hoving shared that the startup is also working on launching a secondary market to enable further liquidity among users.

“We will eventually expand into other cities across Jakarta and Bali, as well as other asset classes,” he said.

GORO is a fractional property marketplace platform providing individuals with an opportunity to purchase high-yielding Indonesian properties without any minimum purchase requirements.

The platform offers monthly rental yield and capital appreciation upon property sale, allowing users to build a diverse and profitable property portfolio.

GORO serves users from over 20 countries and is committed to democratizing the property market for individuals worldwide.

Since its launch in early 2023, the startup has been growing its user base at 15 percent per week.

Through GORO’s platform, users can own a portion of a property from as low as $0.7.

Users are able to benefit from attractive monthly rental yield and capital appreciation when the property is sold.

Currently, GORO’s diversified portfolio is delivering an impressive 11 percent net annualized rental yield to its users.

Brian Ma, general partner at Iterative and co-founder of US-based proptech unicorn Divvy Homes, said the firm is looking forward to working with GORO to democratize property ownership and investing for young investors across Southeast Asia.

According to the statement, the capital market and crypto investors in Indonesia grew 35 percent and 43 percent in 2022, respectively.

Millennials in particular, have been the driving force of the Indonesian capital market.

This is an indication that investors in the market are actively seeking out exciting investment opportunities.

Amidst macroeconomic headwinds and inflation, property as an asset portfolio is one of the few assets that could offer users a stable return due to its low volatility nature, said Hoving.

“Indonesia as a fast-growing residential market highlights that there is a need for such an asset class like GORO,” he added.

GORO’s extensive portfolio comprises Bali villas and Jakarta residential properties, catering to users from over 20 different countries worldwide.

The properties are managed by professional property managers who take care of the day-to-day responsibilities such as cleaning and maintenance.

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