Property Listing Startup UrbanIndo Raises Seven Figure Series A Financing from GREE Ventures and Others

Today real estate marketplace UrbanIndo announced that it has closed an investment round led by Japan's GREE Ventures. The investment represents an expansion of GREE's Indonesian portfolio which includes online fashion retail site BerryBenka and price comparison site PriceArea. IMJ Fenox, a newly created joint venture investment firm also participated in the round along with an unnamed Asian entrepreneur.

UrbanIndo, which was established in 2011, is already among Singapore based East Venture's portfolio companies. While the amount of financing in this round was not disclosed, co-founder and CEO Arip Tirta revealed to TechCrunch that it's in the seven figure range. The money will be used to strengthen its management team, provide a platform for expansion and to pursue partnerships.

In the announcement, Tirta said, "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".

While the company is among many which provides property listing and is still some ways off from market leaders Rumah123 and Rumah.com, UrbanIndo's unique neighborhood data processing makes it more convenient for visitors to discover properties for rent or purchase by being able to locate them directly on a map. The company claims more than 17,000 registered users and 75,000 listings on the site.

"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", said Tirta of his Bandung based company with 11 employees.