Rukita, an Indonesia-based proptech group, announced Thursday that it has secured $15 million in the Series B1 fund raise.

In this round, the company welcomes exciting new investors and partners: MPower Partners, BNI Ventures, Openspace Ventures, and other international impact investors including renowned NBA star Jeremy Lin, Rukita said in a statement.

Rukita’s existing investors all participated in the round including Peak XV’s Surge, Golden Gate Ventures, Shunwei Capital, OCBC Ventures and Real Estate Veteran David Tsang.

According to the statement, the substantial funding comes amidst challenging market conditions and an ongoing “funding winter” which poses fundraising challenges for many other companies due to unfavorable economic situations in the region, demonstrated the confidence in Rukita as a market leader.

The funding will be instrumental in accelerating Rukita’s growth initiatives, including developing cutting-edge technologies, expanding its service offerings, and recruiting top-tier tech talent to bolster its team.

The infusion of capital will empower Rukita to leverage its robust foundation and capitalize on emerging opportunities within the dynamic Indonesian market.

“We are thrilled to have the support of our investors, both existing and new, who share our vision for the future of proptech in Indonesia and Southeast Asia,

“This funding marks a significant step forward in our journey to redefine the real estate landscape and drive accessibility to quality housing for different lifestyles and life stages,” said Sabrina Soewatdy, Chief Executive Officer of Rukita.

Sarah Soewatdy, Chief Operating Officer of Rukita, said they are looking forward to deepening their bench strength of tech talent to strengthen their platform and better serve their growing base of renters and property owners.

Launched in 2019 and founded by Sabrina Soewatdy and Sarah Soewatdy, Rukita was conceived to solve Indonesia’s growing housing crisis and capitalize on the growing popularity of rental housing among Indonesia’s rising middle-class and staggering millennial population.

Four years on, the company is continuously achieving positive earnings before interest, taxes, depreciation, and amortization (EBITDA) and is doubling its supply growth year-on-year with 1.4 million rooms under its ecosystem and unique users of over 3 million per month.

According to the statement, while Indonesia’s rental housing market continues to grow, the sector has been a tough one to crack in terms of scalability.

The highly fragmented nature of the housing market and the need to balance property management, supply, financing, marketing, hospitality and operations make the proptech sector in Indonesia uniquely challenging, but are also the very reasons for Rukita’s success.

Rukita’s proptech ecosystem and tech infrastructure bring together property, landlords, market insights, marketplaces, financing and end-to-end tenant service to reshape the concept of home and home ownership.

Stepping away from the ‘one-size-fits-all’ approach, the proptech group has developed a range of living options to help Indonesians at any age and at any income level live better.

Building on the promise of delivering a ‘home that grows with you’, the firm’s approach is to grow with each customer through every life stage – transitioning them seamlessly from one home to the next, helping customers plan in advance, and ensuring steady income streams to landlords.

Rukita said its model is a clear paradigm shift for the industry as it brings together 360 services for the housing market through a dynamic tech platform, and turns the relationship with customers and landlords from a transactional one to a long-term engagement.

“We are excited that Rukita has become MPower Partners’ first investment into the Southeast Asian market,

“It aligns perfectly with the fund’s vision of integrating environmental, social and governance (ESG) principles into the core strategies of burgeoning startups,” said Yumiko Murakami, General Partner of MPower Partners.

“With the founding team’s vast expertise in business operations and the local real estate industry, we are proud to partner with Rukita in their mission to provide affordable, quality housing to Indonesia’s next generation,” she added.

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