East Ventures-led pre-seed fundraising round netted US $5.5 million for Tanaku, an Indonesia-based property digital business. The fundraising round includes both loan and stock from an unnamed foreign bank.
Tanaku, a brand-new company, enables Indonesians to purchase new homes with as little as a 2 percent down payment. The remaining balance can then be paid in monthly instalments by customers.
Users may only currently choose houses from the company’s carefully vetted listings. Tanaku, however, intends to work with real estate brokers all around the nation to assist with payments on any home.
Due to the high initial down payment requirements, homeownership has been declining by 2% a year since 2000. This is why the firm aims to make real estate ownership more accessible.
Bhanu Prakash, Alwin Hajaning, Andries De Vos, a serial entrepreneur, and Jonathan Ma, a former director of the regional conglomerate Mayapada Group, founded Tanaku.
The business intends to use the additional funds for employment, property acquisition, marketing, and product development.
