Gree Ventures, the corporate venturing unit of mobile social company Gree Inc, has led a series A round of funding in UrbanIndo, an Indonesia-based online real estate marketplace. Other investors that participated in the round included IMJ Fenox, the corporate venturing unit of IMJ Corporation, a web and mobile solutions provider in Japan, and Fenox VC, a US-based investment group, which invests in mobile, internet, and software technologies with a focus on Southeast Asia, Japan and the US. A prominent undisclosed Asia-based entrepreneur also invested. Details of the financial commitment were not disclosed.
The deal was closed oversubscribed, according to Gree Ventures. The funding will be allocated to the company’s growth plan, new management hires and strategic partnerships.
Gree hopes to gain access to innovative online property site software, which is helping make property searches much easier in the burgeoning Indonesia property market.
Founded in 2011, UrbanIndo unique selling point is that its users can query properties directly on a map, complete with innovative functionalities, such as neighborhood reports, similar properties and price distribution analysis of a neighborhood within a specific listing.
The company currently has 11 employees.
Seed investors in the company include East Ventures as well as US-based angel investors.