Indonesian online property marketplace UrbanIndo announced yesterday that it has raised Series A funding led by GREE Ventures. This latest round also saw IMJ Fenox Pte. Ltd. participating. Launched in November 2011, UrbanIndo previously raised funding from East Ventures and other angels from Silicon Valley.
UrbanIndo simplifies the search process for real estate in Indonesia. The Bandung-based company currently has 11 employees and plans to use the funding to accelerate its growth, bolster it management team and pursue strategic partnerships.
In the press release, co-founder and CEO Arip Tirta highlighted the company’s rapid growth. “Since its founding, UrbanIndo has experienced rapid growth. The online real estate marketplace in Indonesia is shifting as users rely more and more on market data and tools to make the right decision in buying, renting or selling properties. UrbanIndo is the only online real estate marketplace in Indonesia to combine thousands of property listings with up-to-date market data and local information at the users’ fingertips. This means that virtually all the guesswork is eliminated when making the next real estate endeavor.”
GREE Ventures previously funded online cosmetic e-commerce site Luxola and fashion site Berrybenka. With UrbanIndo’s funding, GREE Ventures is deepening its footprint in the region, especially in Indonesia.
The investment into UrbanIndo seems like a diversification from GREE Venture’s existing portfolio of e-commerce related companies in Indonesia, which includes PriceArea. They explained that while the normal elements they look for were there — such as a strong team — UrbanIndo presented a market opportunity that was unique. UrbanIndo’s business handles unique data in the Indonesia consumer space that GREE Ventures see value in. This is in line with GREE Ventures’ strategy to also invest in enablers and data-related businesses as they deepen their footprint in Indonesia. Ardent Capital has also shown similar strategies of looking to build e-commerce enablers or platforms while investing in e-commerce companies that will be “freed” by these enablers. While GREE Ventures does not directly get involved in the building of enablers, diversifying their investments between enablers and enabled companies is one of their way to reach deeper in the consumer markets. Ardent Capital is an investor in e27.
According to GREE Ventures, as UrbanIndo had earlier employed a data-focused approach, the funding will enable them to improve the design for ease of use, build more features and increase customer service and acquisition support.