Global real estate platform for emerging market Lamudi has named two European media and digital classifieds companies Ringier AG and Axel Springer as its new strategic investors, through an undisclosed funding round.
Following the investment, the two investors will share a seat in the advisory board, which will for now taken over by Ringier.
In a press statement, Lamudi Co-Founder and CEO Kian Moini said that the majority of the funding “can and will” be used to support the company’s growth, given its “comfortable” financial situation and “clear path” to break-even.
“We have proven to be of high value to consumers and industry players along the search and marketing of real estate. The new funding round will help us accelerate that, as well as significantly expand our efforts to add value along the transaction,” said Moini.
“Beyond the capital, we look forward to benefit from the learnings and knowledge of the classifieds and transactional property businesses which are part of the portfolios of Axel Springer and Ringier,” he continued.
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Launched in 2013 with Rocket Internet, Lamudi runs property portals in Asia (the Philippines, Indonesia, Bangladesh, and Sri Lanka) and Latin America (Mexico, Colombia, and Peru).
The company has named Asia Pacific Internet Group (APACIG), a joint venture of Rocket Internet and Ooredoo, Holtzbrinck Ventures, and Tengelmann Ventures as investors.
Lamudi launched a tech-enabled brokerage business in Indonesia under a separate brand earlier this year. The company said that it has already surpassed 100 transactions in its ninth month of operations.
Based in Switzerland, Ringier AG’s portfolio companies range from newspapers, magazines, to ticket booking platform.
As for Axel Springer, the German-based company’s portfolio includes classifieds, news, and marketing media.