99 Group has raised its first round of Series C funding from Gaw Capital Partners, a private equity firm headquartered in Hong Kong and specialising in real estate markets. 

The round came up to US$37 million, which 99 Group says will be joined by an additional US$15 million that it expects to secure over the next few months. With these latest fundings, 99 Group’s total capital raised will exceed US$80 million. 

99 Group was started by Darius Cheung in 2014 and has gained backers in the likes of 500 Global and Sequoia Capital India. 

Across Singapore and Indonesia, it operates four property platforms, including 99.co, iProperty, Rumah123 and SRX. In 2018, it acquired UrbanIndo, one of Indonesia’s largest property portals. 

In 2022, the group was in talks to be acquired by Carousell, but the deal fell through after the online classifieds marketplace ended talks of going public via a merger with a special purpose acquisition company, or Spac. 

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