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TPG joins $129m investment in Singapore's PropertyGuru

  • Holden Mann
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Singapore online property portal PropertyGuru has raised S$175 million ($129 million) from TPG Capital, Australia's Square Peg Capital, and Indonesian media company Emtek Group.

PropertyGuru will use the new investment to support its expansion plans in Southeast Asia, according to a release. The company is present in Singapore, Malaysia, Indonesia and Thailand, and claims to be the market leader in all except Malaysia.

Existing investor Scout24 will exit the company. The firm invested $47 million in PropertyGuru's 2012 Series C round, but now wishes to focus on its core online classifieds business in Europe.

Founded in 2006 by entrepreneur Steve Melhuish, PropertyGuru has grown its traffic 28% per annum through both its website and its mobile apps. By its own estimate, about 10% of real estate transactions in Southeast Asia are handled through its platform, a value of about S$14 billion per year. PropertyGuru is planning an IPO within the coming year.

The company's competitors include iProperty and 99.co, which raised SGD2 million of seed funding earlier this year from Facebook co-founder Eduardo Saverin.

Emtek is already PropertyGuru's partner in Indonesia, where the site is called Rumah.com. The companies plan to deepen their partnership through this investment. Representatives from Emtek, TPG and Square Peg will join PropertyGuru's board when the investment is completed in mid-June.

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