Digital media company Gree has exited Indonesia-based property listings portal UrbanIndo in an acquisition of undisclosed size by real estate portal 99.co, Tech in Asia reported on Sunday.
Founded in 2011, UrbanIndo operates an accommodation listings platform that advertises properties that are for sale or available to lease. It has about 1.2 million active property listings and includes new-build homes listed by their developers.
The company’s service will be integrated with 99’s property listings business in Singapore, allowing the latter to expand its position in Southeast Asia. 99 had 150,000 listings on its platform prior to the deal.
A source familiar with the deal told Tech in Asia: “UrbanIndo has the highest liquidity in terms of the number of new listings created by agents and other home sellers every month compared to all other property portals [in Indonesia].
“That is something that takes a long time to build and has a strong network effect and cannot be replicated overnight.”
UrbanIndo received an undisclosed amount of seed funding from venture capital firm East Ventures in 2012 before adding an undisclosed sum in a 2013 series A round led by Gree’s corporate venturing unit, Gree Ventures.
IMJ Fenox, a joint venture between VC firm Fenox Venture Capital and digital marketing agency IMJ Corporation, also took part in the series A round. Professional services firm Accenture subsequently acquired a majority stake in IMJ in 2016.