Ribbit Capital Reportedly Led Series A Funding for Pihhome

Pinhome proptech startup reportedly received a series A funding worth of $25.5 million or equivalent to 369.3 billion Rupiah. We received the information that Ribbit Capital led this round. It is also its second investment in Indonesia after previously leading the series A funding of Ajaib platform.

Some other investors also participated in Pinhome's recent investment, including Goodwater Capital, Insignia Ventures Partners, and Global Founder Capital as the investment unit of Rocket Internet.

As DailySocial's team reached out, Pinhome refused to provide a response regarding investment. They only said that their main focus is currently to incerease the number of listings and expanding collaboration with stakeholders in the property sector.

In addition, they also said that they are expanding intensively for the on-demand services, Pin home service. Currently, the service is available in 14 cities including Jabodetabek, Bandung, Malang, Sleman, Sidoarjo, and Surabaya. Users can access it through the GoService feature in the Gojek application.

Service differentiation

Was founded by Dayu Dara Permata (CEO ) and Ahmed Aljunied (CTO ) last year, Pinhome aims to facilitate easier, faster, and transparent property transactions with the help of technology.

In an interview, Dara explained, “Pinhome is very unique, we are an online platform that facilitates interaction between property owners, buyers, and agents. As a property owner, it will be very easy as in the future we will have access to hundreds of thousands of agents who are ready to help market their properties.”

In Indonesia, the proptech sector is rapidly growing. Some players, especially with the listing feature, find the traction quite impressive. In addition, several other business models are starting to appear in the digital landscape, such as financing services.

Indonesia's proptech startups, data as of the end of 2019

Meanwhile in the regional, competition is narrowing into two major groups, PropertyGuru (its units in Indonesia: Rumah.com and Rumahdijual.com) and 99.co (has 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 more specific and emphasize the cultural matters, local startups such as Pinhome, Travelio, Mamikos, Rukita, and others are trying to win the local market.

-Original article is in Indonesian, translated by Kristin Siagian