Allianz X Invests in PropTech 99.co

The digital investment unit of the Allianz Group Allianz X has invested in online real estate platform 99.co ; marking Allianz X’s first investment in a Singapore-headquartered company. The company has raised $25.06 million in total funding.

Established in 2014, 99.co helps users and agents in Singapore and Indonesia make informed real-estate decisions by merging geolocation and deep market data. The platform has grown from approximately 100,000 monthly users in 2017 to approximately 3.8 million in 2019.

“Property, being the largest asset class in the Southeast Asian market, presents a valuable growth opportunity to Allianz entities in the region. With this investment, we look forward to helping 99.co maintain its position as a leading property platform and developing a strong strategic partnership in the long term.” – Carsten Middendorf, Investment Director at Allianz X.

“The PropTech segment is a key ecosystem for future growth. We look forward to co-creating and distributing innovative, digital-first insurance products and services via the 99.co platform. Our partnership is aligned with the wider Allianz Asia Pacific strategy and enables us to address emergent and mass customer segments currently underserved by insurance.” – Peter Van Zyl, President Director & CEO of Allianz Utama Indonesia.

“We are very excited about the new investors in this round. MindWorks strikes the perfect balance between tech and real estate, being deeply invested in both, and has one of the best vantage points for developments in the Chinese market, from which we can learn a great deal. Allianz, being one of the largest financial services companies in the world, brings immense experience, capabilities and networks, which will be an important strategic anchor in our expansion into financial services in real estate. And, of course, we are more than thrilled to have all of our existing investors return to re-invest in this round as well.” – Darius Cheung, CEO and cofounder of 99.co.