Lamudi, the real estate website owned by Germany-based incubator Rocket Internet, has landed in $7m in funding from Tengelmann Ventures, the investment arm of Germany-based retailer Tengelmann Group.
Although this is the first time Tengelmann Ventures has invested in the property listings site, it is not a stranger to Rocket Internet, having invested some of its previous offshoots including e-commerce sites Zalora and Lazada.
The investment means that Lamudi will be able to expand its Asian operations and begin an aggressive marketing campaign. It already operates in 21 countries across four continents and has over 200,000 classified listings globally. The company focuses on emerging economies.
Paul Philipp Hermann, co-founder of Lamudi, said: “The announcement of this substantial funding for our Asian operations is very welcome and will be crucial in helping us to make better and faster progress towards our goal of becoming the market leader in online property in Asia.”