Deni Ghifari (The Jakarta Post)
PREMIUM
Jakarta ●
Sun, July 31, 2022
A Singapore-based property-technology (proptech) start-up, 99 Group, has secured US$52 million, with which it plans to get a stronger foothold in Indonesia and Singapore as well as expand to new markets in the region.
As the company announced on Thursday, the Series C funding will come in two phases: $37 million at first closure, with the other $15 million coming in successively over the following months.
“We see remarkable opportunity in the middle of this uncertain global market […], and we believe in the growth of the Southeast Asian market. […] Having a strong balance sheet enables us to react swiftly and firmly toward potential [mergers or acquisitions],” 99 Group CEO Darius Cheung said in a press release.
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