Aug 10, 2023

An early-stage venture capital firm called Iterative led a $1 million pre-seed round of funding for GORO, an Indonesia-based marketplace platform for fractional property. GORO said in a statement on Wednesday that a number of notable investors, including XA Network, StashAway’s Angel Investing Program, and property guru Mike Broomell of Colliers Indonesia, participated in the funding round. The statement claims that GORO will use the new funding to strengthen its regional user acquisition strategy and grow its team. “Everyone aspires to invest in property, but the obstacles of financial entry barriers and complex procedures deter many individuals, “GORO aims to address these challenges and enable anyone, regardless of their location, to build a high-yielding property portfolio,” said Robert Hoving, Co-Founder and Chief Executive Officer of GORO. According to Hoving, the startup is also preparing to launch a secondary market to increase user liquidity. “We will eventually expand into other cities across Jakarta and Bali, as well as other asset classes,” he said. GORO is a marketplace for fractional properties that offers people the chance to invest in high-yielding Indonesian real estate with no minimum purchase requirements. The platform allows users to create a diverse and successful real estate portfolio by offering monthly rental yield and capital appreciation upon property sale. GORO is dedicated to democratizing the global real estate market for private individuals and currently serves users from over 20 countries. The startup has increased its user base by 15% weekly since its launch in early 2023. Users can purchase a stake in a property through the GORO platform for as little as $0.7. When the property is sold, users can profit from a lucrative monthly rental yield and capital growth. Right now, GORO’s diverse portfolio offers its customers an impressive 11 percent net annualized rental yield. Iterative general partner Brian Ma, who is also the co-founder of the unicorn proptech company Divvy Homes based in the US, said the company is eager to collaborate with GORO to democratize real estate ownership and investment for young investors throughout Southeast Asia.