PropertyGuru Group, a Singapore, Asia-based online property portal group, received a S$175m investment.
Backers included TPG, Emtek Group and Square Peg Capital. In conjunction with the funding, Scout24 – previously a minority shareholder, will exit the business to focus on their core wholly-owned property and car online classified businesses in Europe.
This investment, which is expected to close by mid-June, at which point representatives from the consortium will join the company’s board, will support PropertyGuru’s innovation, marketing and further expansion.
Founded in 2006 by Steve Melhuish, CEO, PropertyGuru is an online property portal group used by more than 11 million property buyers, generating over 500,000 enquiries for real estate developer and agent advertisers – every month – across Singapore, Malaysia, Indonesia and Thailand.
PropertyGuru offices in the region include:
PropertyGuru.com.sg in Singapore
PropertyGuru.com.my in Malaysia
DDProperty.com in Thailand
Rumah.com in Indonesia