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

99.co website for property has recently announced Series B funding worth of $15.2 million (around 216.6 billion Rupiah). MindWorks Ventures and Allianz X led this round, followed by the previous investors, East Ventures, Sequoia India and Eduardo Saverin.

The fresh money is to be focused on the development and expansion of coverage in the core market, Singapore and Indonesia. Darius Cheung, 99.co's Co-Founder & CEO told DailySocial, they have acquired more than 2 million monthly users in Indonesia with over 150 thousand lists of property.

To date, 99.co still focused on Jabodetabek area in Indonesia although they've been operating in some other cities, such as Bandung, Surabaya, and Pekanbaru. This expansion becomes the company's current strategic plan.

"In fact, we're still focused on Jabodetabek for now. While we operating the business in other cities like Bandung, Surabaya, Pekanbaru and to be continuously expanding with Jabodetabek as the main focus," he said.

In terms of transactions, 99.co still lean on the agent system. Cheung said they have 3 thousand agents registered and proceed more than 2,000 transactions.

"During 2019, we've established some software improvement for Indonesian agents, including a CRM system to increase productivity. In the second half this year, we're to launch some product innovations for consumers," he added.

Previously, in early 2018, 99.co made a movement by acquiring property portal, Urbanindo. The existing product and feature were transferred to 99.co per August 2018.

"We believe, the design-centric approach we used to solve the complicated process, also thorough technology for geo-location development and market data has brought us on lead and distinct," Cheung said.