The financing round also included participation from new investors IMJ Fenox and a “prominent Asian entrepreneur”.
Early investors include East Ventures and several Silicon Valley business angels.
“Since its founding, UrbanIndo has experienced rapid growth. The online real estate marketplace in Indonesia is shifting as users rely more and more on market data and tools to make the right decision in buying, renting or selling properties. UrbanIndo is the only online real estate marketplace in Indonesia to combine thousands of property listings with up-to-date market data and local information at the users’ fingertips. This means that virtually all the guesswork is eliminated when making the next real estate endeavor.” said Arip Tirta, co-founder and CEO of UrbanIndo.
Bandung-based UrbanIndo currently has 11 employees and said it plans to use the proceeds from the investment round to accelerate its growth, bolster its management team and pursue strategic partnerships.
GREE Ventures makes Series A investments in start-up companies in East Asia and Southeast Asia. It operates as the venture capital arm of global mobile social company GREE.
IMJ Fenox is a joint venture established by IMJ Corporation, a web and mobile solutions provider in Japan, and Fenox VC, a global investor headquartered in Silicon Valley.
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