UrbanIndo Receives Funding from East Ventures, Ready for Marketing and Research Program

Another investment is scored by local service. UrbanIndo receives Series A funding from East Ventures (EV). The official announcement will be released this afternoon. As part of the deal, Chandra Tjan from East Ventures will be joining UrbanIndo's board of director. The amount of investment is not disclosed.

UrbanIndo itself is a property site which give benefit on users who would like to buy, rent, or sell their properties. The site tries to ease users and gives new experience on finding the right property. Some features given are already discussed previously at DailySocial, such as "Proyek Nusantara" (Nusantara Project) and "Carikan Saya Properti" (Find Me The Property).

Arip Tirta, CEO of UrbanIndo, per email conversation said the investment received will be utilized to expand its marketing and research program. One of the program is to have cooperation with academic members (professors or students) of universities in Indonesia (like ITB or Binus) to help building UrbanIndo's new cutting edge features.

When asked the main reason why they choose East Ventures (to get funded with), Arip explained he envisions lot of synergies to be obtained from EV, aside from having good track records. The deal at the moment is exclusively investment related, but Arip said it's not impossible to have cooperation with other EV's portfolios.

Currently UrbanIndo has already had more than 100,000 visitors with more than 10,000 posting, and it keeps growing every month. This site has not yet focused on monetizing, still more one growing its users and property listings. They want to create a better utilization of the site before shifting their focus on monetizing issue.

Beside the investment thing, UrbanIndo is preparing to release UrbanIndo SmartGuide. It's merely a tool to watch the property's price range of nearby location. The other facility is UrbanIndo Pick -- to display the featured/suitable property based on specific algorithm.

Update: You can see the official announcement here or NewsWire@DS.