Property Guru gets $5 million funding

The company will use the money to expand into more markets to compete with its main competitor, iProperty.

In a statement, Steve Melhuish, Group CEO, said, "The Company’s performance has completely exceeded expectationsover the last 12 months - tripling revenues, doubling traffic and expanding our presence to seven Asian
countries. This financing scheme is a strong endorsement from our investors and gives us the ability to further accelerate growth, and strengthen our position as Asia's leading property portal group. We have ambitious plans this year and will be announcing some exciting new initiatives shortly which will add toour growth trajectory."

This is the first financing since the Company’s series A VC funding almost 3 years ago. It givesPropertyGuru an additional pool of low cost capital with the ability to draw and repay funds at short notice, if needed.

Over the last 12 months, PropertyGuru has expanded rapidly from a market leading presence solelyin Singapore to seven countries - organically, inorganically and via partners. At the same time, its paying agent subscriber base has increased by 85% to 13,000 and traffic has more than doubled toapproximately 4 million users viewing 48 million pages every month.

In addition, the latest statistics from independent online research firm Hitwise, show PropertyGuru withover 47% market share of all Singapore property related page views compared to 5.5% from its nearest competitor. At the same time, it has grown to become one of the top 3 local websites in Singapore,according to Alexa.com.