By Andrei Skvarsky.
Lamudi, an online real estate trader focusing on emerging and frontier markets, has raised 29m euros ($31.4m) in investment to grow its operations in Latin America and Asia.
The Berlin-headquartered company does business in 34 countries across the globe. These include six in Asia – the Philippines, Indonesia, Bangladesh, Myanmar, Pakistan and Sri Lanka – and three in Latin America – Mexico, Colombia and Peru. The rest of Lamudi’s geography spreads over the Middle East and Africa.
The new investment came from three sources – e-commerce startup incubator Asia Pacific Internet Group (APACIG), venture capital firm Holtzbrinck Ventures, and venture capital investor Tengelmann Ventures, a division of international multi-sector retailer Tengelmann Group, Lamudi said in a statement.
In February 2015, 16m euros was invested in Lamudi to boost the Latin American and Asian business of the company, which offers sellers, buyers, landlords and renters an online platform to find or list properties.
The residential property market in emerging markets in Latin America and Asia “is in the growth phase of the cycle”, the statement quoted Lamudi co-founder and managing director Paul Philipp Hermann as saying.
“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.”
APACIG chief executive Hanno Stegmann said Asia Pacific has high demand for classifieds platforms and credited Lamudi, which was launched by German Internet platform Rocket Internet in October 2013, with having “proven a strong capability to adapt to diverse markets and offer the best user experience”.