Local start-up 99.co receives new funding of S$2m

Local property listings start-up 99.co officially launched its website on Thursday (Jan 29).

According to the start-up, it has received new funding of S$2 million from investors including Facebook co-founder Mr Eduardo Saverin and venture capital firm Sequoia Capital.

99.co said its website uses a search function that sorts listings based on location and relevance and is less reliant on paid classifieds. It plans to use the new funds to focus on Singapore before it takes on other markets.

Said the CEO of 99.co Mr Darius Cheung: “It also gives us the resource to go out and put up a good fight in the market with the new system. Our goal is definitely to be focused on Singapore, we are 100 per cent focused on Singapore and our customers, users in Singapore. We want to reinvent the market that way and then we will think about how we do the next part of expansion in other markets next year.”

In May last year, the start-up secured about S$700,000 in seed funding, and went on to do a soft launch of its site in November. Mr Saverin said he prefers to invest in companies which create products he would use as a consumer.

The Facebook co-founder said: “I try to be as active as the entrepreneur wants me to be or as passive as he would like me to be. But first off, the most important for me is to be a consumer and end-user. ”

I tend to invest in companies where I see myself as a potential end-user. And in this case, I just want to be one of many using the platform and giving feedback as a consumer. Because at the end of the day, that is what the company should be listening to.”

Source : Channel NewsAsia – 29 Jan 2015

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