Allianz X, the digital innovation vehicle formed by insurance group Allianz, has co-led a $15.2m series B round for Singapore-based online real estate portal 99.co, DealStreetAsia has reported.
MindWorks Ventures co-led the round, which valued the company at $75m post-money. It also featured fellow venture capital firms East Ventures and Sequoia Capital India as well as Eduardo Saverin, co-founder of VC firm B Capital Group.
99.co operates an online platform with 3.8 million monthly users that enables users to search for and buy residential and commercial properties.
The series B funding will support growth in its existing markets of Singapore and Indonesia and an expansion into Malaysia, Vietnam, Thailand and the Philippines.
The company also plans to upgrade a recently introduced mortgage product that enables users to type in the details of the property in question, the size of the loan and tenure, and search through a variety of products offered by providers.
99.co has now raised more than $25m since it was founded in 2014, 500 Startups, East Ventures, Fenox VC and Golden Gate Ventures providing it with $560,000 in seed funding the same year.
Sequoia Capital and Eduardo Saverin invested a further $1.6m in 99.co at an $8m valuation the following year, before joining East Ventures and 500 Startups for a $7.9m round in April 2017.
