A series C extension round co-led by OCBC NISP Ventura and current investor Gaw Capital Partners netted US $11 million for 99 Group, a Singapore-based proptech company.
OCBC NISP Ventura, which has its headquarters in Jakarta, is the venture capital division of Bank OCBC NISP, which Singapore’s OCBC Bank owns more than 85% of the shares.
This investment will help 99 Group to continue growing and expanding through strategic alliances and acquisitions, according to a statement from OCBC NISP Ventura.
Darius Cheung, Yan Phun, and Conor McLaughlin founded the 99 Group in 2014, which now runs the real estate websites 99.co, SRX, iProperty, and Rumah123 in Singapore and Indonesia. By providing tools like smart filters, price analysis data, financial counselors, and the option to search for houses by location and commute time, the firm hopes to make the process of purchasing and renting real estate easier.
A private equity company with real estate expertise, Gaw Capital Partners, led 99 Group’s US $52 million series C in July 2022.
99 Group apparently considered buying Propzy in September of last year, but the Vietnamese company ultimately went out of business.
