Navent has closed $20 million from Riverwood Capital. Navent, which is also backed by Tiger Global Management, is an online real estate and jobs platform in Latin America.
NEW YORK, August 2014. – Navent, the leading online real estate and job classifieds company in Latin America, announced today that it has raised US$20 million from Riverwood Capital, a global technology private equity firm.
The funding will be used to continue Navent’s expansion plan and accelerate the growth of its properties, which include Imovelweb (Brazil), Bumeran (Latin America), Inmuebles24 (Mexico), AdondeVivir (Peru), and Plusvalia (Ecuador), among others.
“As Internet penetration continues to accelerate in Latin America and the complex and fragmented digital advertising marketplace grows in size and importance, we feel confident that Navent will continue to capitalize on these trends. Our flagship operations continue to attract a growing number of real estate and jobs advertisers as both our desktop and mobile audiences continue growing every month.” said Nicolás Tejerina, Navent Chief Executive Officer.
“These funds will enable Navent to continue expanding its regional footprint across current markets and deploy operations into new and untapped economies in Latin America. We also plan to increase our investments in Navent’s regional technology platform, with a main focus in mobile, through which we already derive a third of our traffic.”
“During the past 2 years, Navent has accelerated its growth and consolidated its
leadership position in Latin America in both on line real estate and jobs. We are very enthusiastic about the future of the Company as millions of users across the region use our properties to buy or sell a home or look for a job”, said Francisco Alvarez Demalde, Riverwood Capital Founding Partner.
“As one of the top internet companies in Latin America, Navent enters into a new phase of growth, focused on continuously improving our technology platform and team, in order to offer a better product and more value to our users and customers.”
Each month over 30 million people use Navent sites to search for properties or look for a job, and more than 20,000 companies use Navent services across the 8 countries where the company operates, which are Brazil, Mexico, Argentina, Chile, Peru, Venezuela, Panama and Ecuador. The job sites are Bumeran.com (Argentina, Chile, Mexico, Peru, Venezuela), Multitrabajos.com (Ecuador), UniversoBit.com (Argentina), Konzerta.com (Panama) and Execuzone.com (Argentina). The real estate sites are
Imovelweb (Brazil), ImoveisCuritiba (Brazil), ImovelPro (Brazil), Union (Brazil), ImovelClass (Brazil), Inmuebles24.com (Mexico), Crminmobilario.com (Mexico), AdondeVivir.com (Peru), Plusvalia.com (Ecuador), CompreoAlquile (Panama) and Conlallave (Venezuela).
Through its flagship jobs property, Bumeran, Navent has established a leading position across Latin America. Bumeran continues to see rapid increases in both user statistics and engagement in its current features: approximately 6 million unique monthly users visit Bumeran monthly, which has more than 80,000 job listings in the region published by more than 7.000 companies. Navent’s leading real estate site, ImovelWeb, has established itself as a leading online real estate company in Brazil, with strong presence in Sao Paulo, Rio de Janeiro, Minas Gerais and Curitiba. While the online classifieds market in Brazil for real estate is still very much in its infancy, ImmovelWeb has also seen substantial growth in its user base and engagement with the platform: Approximately 2.5 million unique users visit ImmovelWeb monthly, which has more than 700.000 listings and more than 5.000 real estate professionals registered as active users.
About Navent Group
Navent, founded in 2009, is the leading online classifieds company in Latin America. Navent’s mission is to help people fulfill two of life’s most important aspirations: Securing a job and a home. The company owns and operates several leading online classifieds properties throughout Latin America, which are focused on the real estate and jobs verticals. Two of the largest sites in the group are Bumeran.com, which represents one of leading jobs sites in all of Latin American, and Immovelweb, which represents one of the largest online real estate sites in Brasil. In total, these sites attract over 30 million visits per month from 8 countries in Latam. To view a full list of the companies of the Navent
Group please visit our website at www.navent.com.
About Riverwood Capital
Riverwood Capital is a globally focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood was established by a talented group of private equity and technology industry executives, which gives Riverwood a unique combination of operational, strategic, financial and technical insight into investment candidates and portfolio companies. Riverwood has offices in Menlo Park, CA, New York, NY, and Sao Paulo, Brazil.
Please visit www.riverwoodcapital.com
About Tiger Global Management
Tiger Global Management, LLC is an investment firm that deploys capital globally through its private investment and hedge fund partnerships. The Firm’s private investment funds have ten-year investment horizons and focus on growth-oriented private companies in the global Internet and technology sectors.
Tiger Global’s private investments include Yandex, Mail.ru Group, JD.com, Ctrip, New Oriental,
360buy, Flipkart, Makemytrip, Netshoes, Despegar, MercadoLibre, Trendyol, Facebook, Square, and Linkedin. The firm’s fundamentally oriented hedge funds invest primarily in public equities with an emphasis on long-term trends in the global technology, telecom, media, and consumer sectors. Tiger Global Management, LLC was founded in 2001 and is based in New York.