Property Startup 99.co Announces 216 Billion Rupiah Funding, in Indonesia Still Focusing on Jabodetabek

Property site 99.co recently announced that it has secured a $15,2 million Series B funding round (equivalent to IDR 216,6 billion). Funding was led by MindWorks Ventures and Allianz X with involvement from previous investors, namely East Ventures, Sequoia India, and Eduardo Saverin.

Funding proceeds will be focused on developing and expanding their reach in their core markets, namely in Singapore and Indonesia. To DailySocial, Co-Founder & CEO 99. co Darius Cheung said that to date there have been more than 2 million monthly users in Indonesia, with more than 150 thousand property listings.

So far 99. co in Indonesia is still focused on the Greater Jakarta area. However, they are already operating in other locations such as Bandung, Surabaya and Pekanbaru. Expansion to other cities is said to be on the company's strategic agenda.

"Of course, we are still very focused on Jabodetabek for now. While we operate in a number of other cities such as Bandung, Surabaya, Pekanbaru, and we are trying to expand it, while staying focused on Jabodetakbek," said Darius.

For their own transactions, 99.co still relies on the agency system. Darius also said that so far there have been around 3 registered agents and over the past year, more than 2000 transactions have been made.

"During 2019 we have launched many software upgrades for agents in Indonesia, including a CRM system to increase their productivity. In the second half of this year, we will release a number of product innovations on the consumer side," said Darius.

Previously in early 2018, 99.co took a corporate action by make acquisitions to the Urbanindo property portal. Urbanindo's products and features were brought to 99.co as of last August 2018.

"We believe, approach design-centric which we created to solve complex search problems as well as in-depth technology development in manufacturing geo-location and market data makes us superior and different from others," said Darius.