The emerging markets real estate network Lamudi has raised €29 million in a new funding round to grow its operations across Latin America and Asia. The fresh capital comes from the Asia Pacific Internet Group, which is a joint venture of Rocket Internet and Ooredoo, and from the German investors Holtzbrinck Ventures and Tengelmann Ventures.
Lamudi, a global real estate portal, was launched in October 2013 by the German company builder Rocket Internet. Since that time, the startup has seen significant year on year growth and achieved market leadership in several countries. Lamudi operates exclusively in the emerging markets and is currently active in nine countries across Asia and Latin America (Philippines, Indonesia, Bangladesh, Myanmar, Pakistan, Sri Lanka, Mexico, Colombia and Peru).
In February 2015, the young company secured € 16 million in a financing round to boost its Latin American and Asian operations. Now, a year later, additional € 29 million were invested into the business.
Lamudi’s Co-Founder and Managing Director, Paul Philipp Hermann, said: “Our goal is to build the biggest real estate platform from the Philippines to Mexico. The additional funds will allow us to achieve market leadership and dominance in more markets at a faster rate. Last year was an intense and successful year, full of very important events for the company.
He continued: “The residential property market in emerging markets in Latin America and Asia, where Lamudi is operating, is in the growth phase of the cycle. This is confirmed by an increase in transactions, transaction prices in chosen markets and significant traffic growth on the platform. Lamudi’s financial statements are in line with predictions. Lamudi revenue grew by 460% in 2015 and it is set to grow even faster in 2016.”