Real estate classifieds web site Lamudi has raised €16 million (around $18million) to further grow in Asia and Latin America. It has also decided to merge all its businesses in these two regions in one company Lamudi Global. The round is led by came from Asia Pacific Internet Group, which is a joint venture of Rocket Internet and Ooredoo, and contributed by Holtzbrinck Ventures and Tengelmann Ventures.
The fresh funds came only two weeks after the company announced the addition of four new countries in its network of markets.
Lamudi’s Global Co-Founder, Kian Moini, said “Since Lamudi’s foundation, our goal has been to build the biggest real estate platform in the emerging markets. In less than two years, we have created a comprehensive online database for house-hunters that stretches from the Philippines to Peru.
“This significant injection of funds is a great vote of confidence in Lamudi’s business model and speaks volumes about the demand that exists for online property search in emerging countries. We will use the investment to improve our product on both desktop and mobile, while further consolidating our leading position across Asia and Latin America.”
The international network that operates mainly in emerging markets has therefore expanded its portfolio for classifieds business to 32 countries across Asia, Africa, the Middle East and Latin America. The Berlin-headquartered marketplace has raised $7 million investment earlier last year to expand in Asian markets.
Lamudi claims to be the leader property classifieds platform in Bangladesh and Myanmar, with strong presence in its Pakistan, Philippines, Sri Lanka and Indonesia through 2014.