Rocket Internet raises $31.4m for property portal

The investment was made by the Asia Pacific Internet Group (APACIG) - a joint venture between Rocket and Qatari telecom company Ooredoo - European venture capital firm Holtzbrinck Ventures, and Tengelmann Ventures, the VC arm of German retail giant Tengelmann Group. All three are existing backers, having committed EUR16 million to the company last year.

Lamudi will use the capital to grow its business in Latin America and Asia. The company operates in six countries in Asia and three in Latin America, and grew its revenue by 460% in 2015, according to a statement.

"The demand for great classifieds platforms across emerging and frontier markets in the APAC region is high," said APACIG CEO Hanno Stegmann. "Lamudi has proven a strong capability to adapt to diverse markets and offer the best user experience. We are confident to see the business growing further."

Rocket and Ooredoo created APACIG in 2014, uniting 13 companies operating in 15 Southeast Asian markets, such as Lamudi, cab-booking app Easy Taxi, and price comparison engine Next Commerce. It is part of Rocket's strategy to combine companies with similar business models into regional or global platforms in order to better pool their resources.

In addition to APACIG, the firm has also created the emerging markets-focused fashion platform Global Fashion Group, along with Foodpanda, a food delivery provider focused on Southeast Asia, Latin America, the Middle East and Africa.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Consumer
• Technology
• Expansion
• Venture
• Southeast Asia
• Rocket Internet
• Consumer
• TMT
• Technology
• Growth capital
• Venture