Holtzbrinck backs Lamudi's €29m round

Lamudi stated the fresh capital would support its aim to become the biggest real estate platform in the Philippines and Mexico. According to the company, it has strongly benefited from a rise of transactions and transaction prices in Latin America and Asia, which have grown significantly in recent years.

The money will not be used for Lamudi's entire operations though – its African and Middle Eastern business is backed by another Rocket Internet affiliate, Africa Internet Group.

The company hopes to be profitable within the next two years.

Previous funding
In February 2015, Holtzbrinck, APACIG and Tengelmann invested €16m in Lamudi. Tengelmann had already provided €5m in April 2014.

Company
Launched by internet platform Rocket Internet in October 2013, Lamudi is a property portal focused on emerging markets. It currently covers 32 countries in Asia, the Middle East, Africa and South America. Most of its traffic comes from Mexico and the Philippines. According to the company, revenue grew by 460% in 2015.

People
APACIG – Hanno Stegmann (CEO).
Lamudi – Paul Philipp Hermann (co-founder and CEO).

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