Lamudi, a rapidly growing international real estate portal with a focus on emerging markets, has raised $19 million to strengthen its presence in Latin America and Asia.
Three investors participated in the round: Asia Pacific Internet Group, a joint venture between Lamudi’s parent company Rocket Internet and telecom firm Ooredoo; Holtzbrinck Ventures, the investment arm of the German publishing group; and current investor Tengelmann Ventures, a division of international retailer Tengelmann Group.
Launched in October 2013, Lamudi has grown to cover 32 countries and features 800,000 listings, said Lamudi co-founder and Managing Director Paul Philipp Hermann.
The firm raised $7 million last April. Lamudi fused its Latin American and Asian divisions in conjunction with this funding round and now has three divisions, including Africa and the Middle East.
Paul Philipp Hermann
Hermann said Lamudi’s long-term goal is to become the real estate portal leader in each country it operates in.
Although it has distinct websites for each of country, Lamudi maintains the same website layout, technology and product offerings for each, which streamlines expansion and simplifies its operations, he said
Lamudi doesn’t see any competitors in the emerging market portal space on a global scale but does have rivals at the country and regional level, Hermann said.
In December, Lamudi revamped its website with a mobile-friendly design and new search filters. The site also has iOS and Android mobile apps.
Lamudi is one of 32 subsidiaries owned by Berlin-based Rocket Internet, whose mission is “to become the world’s largest Internet platform out of the United States and China.”
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