Ribbit Capital Reportedly Leads Series A Funding for Pinhome

Startups proptech Pinhome reportedly received series A funding worth $25,5 million or the equivalent of 369,3 billion Rupiah. From the information we got, Ribbit Capital led the round. This is also their second investment in Indonesia after previously leading Series A funding Magic investment platform.

Several other investors also took part in Pinhome's funding, including Goodwater Capital, Insignia Ventures Partners, and Global Founder Capital as the investment unit of Rocket Internet.

When contacted DailySocial, Pinhome refused to provide a response regarding funding. They only conveyed that currently their main focus was increasing the number listing and expand cooperation with stakeholders in the property sector.

In addition, they also said that they were intensively expanding their services on-demandPinhome Home Service. Currently this service can be used in 14 cities including Greater Jakarta, Bandung, Malang, Sleman, Sidoarjo and Surabaya. Users can access it through the GoService feature in the application Gojek.

Service differentiation

Founded by CEO Dayu Dara Permata and CTO Ahmed Aljunied since last year, Pinhome is here with the aim of facilitating property transactions to be easier, faster, and transparent with the help of technology.

On one occasion Dara's interview explains, “Pinhome is very different, we are a platform online which facilitates interaction between property owners, buyers and agents. As a property owner, it will be very easy because in the future we will have access to hundreds of thousands of agents who are ready to help market their properties.”

In Indonesia alone, service proptech growing quite fast. Multiple players, especially with features listing, found quite impressive traction. In addition, several other business models are also starting to appear in the digital landscape, such as financing services.

Meanwhile in the regional arena, competition is increasing narrowed down in two big groups, namely PropertyGuru (its units in Indonesia: Rumah.com and Rumahdijual.com) and 99.co (acquired Urbanindo). 99.co also has a strategic partnership with REA Group, which previously acquired iProperty — including the Rumah123 platform in Indonesia.

However, with services that are more specific and emphasize cultural matters, local startups such as Pinhome, Travelio, Mamikos, Rukita, and so on are trying to win the local market.