Property search portal PropertyGuru has gotten a SGD 5M (USD 4M) line of credit from “a large Singaporean investment management group”. The company intends to use the funds to accelerate its expansion plans which can be drawn down “at short notice if and when required, at extremely favourable market terms”.
This is the first financing since PropertyGuru’s Series A funding from Steven Diggle, the manager of ArtTradis, one of Asia’s largest hedge funds; Upstream Ventures’ Hellmut, Pierre and Carmelo; Tigris Capital; and Finn Evdemon Capital Partners almost 3 years ago.
The last year has seen PropertyGuru’s parent company, AllProperty Media expand and is now operating across 7 countries: Singapore, Malaysia, Indonesia, Hong Kong, India, Australia and Macau. This was done via new operations, acquisitions and strategic partnerships.
In Singapore last August, PropertyGuru also went into the commercial real estate space with CommercialGuru.
ProperyGuru’s paying agent subscriber base has also increased by 85% over the last 12 months to 13,000 and traffic has more than doubled to approximately 4 million users viewing 48 million pages every month.
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