Lamudi, a Germany-based real-estate listings website owned by incubator Rocket Internet, has secured €16m ($18m) from backers including the corporate venturing arm of retailer Tengelmann Group, Techcrunch reported today.
Asia Pacific Internet Group, a joint venture between Rocket Internet and telecom company Ooredoo, joined Tengelmann Ventures in the round, as did Holtzbrinck Ventures, the venture capital firm backed by publisher Georg von Holtzbrinck.
Tengelmann Ventures previously funded Lamudi’s series A round in April 2014, providing $7m.
Lamudi focuses on real-estate markets in emerging economies and has grown its presence to 32 countries across Asia, the Middle East, Africa and Latin America. It claims to have more than 800,000 listings on its website.
The company will use the latest funding to expand into more countries, monetise nascent markets that still largely rely on offline business, and launch new services.
Paul Philipp Hermann, co-founder of Lamudi, said: “Our business is at different stages in each market.
“In more developed places, we have to show that we offer a better service than our competitors, while in markets where we are first movers – such as Myanmar or Bangladesh – we have to convince the industry of the opportunities of online advertising.”