PropertyGuru has landed an additional $220 million in venture capital as the Southeast Asian real estate search and services site seeks to expand its product offerings and its reach across the region.
Long-standing shareholders TPG and KKR are chipping in for the new funding, as interest in digital alternatives to a range of transactions – including shopping for homes – has risen across the region and the world amid the lingering threat of the coronavirus.
KKR previously invested $200 million in PropertyGuru in 2018.
Along with developing new products, PropertyGuru said the investment dollars will also help fuel its expansion into Vietnam and Malaysia.
Overall, the region is seeing explosive growth in digital adoption, with 70 percent of Southeast Asians expected to be “digital consumers” by the end of the year, PropertyGuru noted, citing a recent report by Bain & Co. and Facebook.
“This year, amidst the changing business realities, the demonstrable strength of our platforms has solidified our relative market leadership and provides new opportunities to accelerate both organic and inorganic growth with new investments,” said Olivier Lim, chairman of PropertyGuru Group, in a press release. “This increased support from TPG and KKR to accelerate growth is a great validation of the Group’s successful performance, its leadership team and their strategy to unlock the opportunities that will achieve the Group’s ambitions in the region.”
The new investment comes as PropertyGuru reports strong revenue growth in 2020, with a 24 percent jump over last year. Founded in 2007, the company says it has a 57 percent share of the market in Southeast Asia for online property search services.