9 Nov 2012

Navent, the leading online Real Estate and Jobs platform in Latin America, Raises US$30 million

Press Releases
The largest online real estate and job classifieds Company in Latin America received incremental funding from Riverwood Capital and Tiger Global Management to accelerate the growth of its key properties, including Imovelweb, Bumeran and Mercadoi, and consolidate its leadership in the region
NEW YORK, New York. November 2012. – Navent, the leading online real estate and job classifieds Company in Latin America, announced today that it has raised US$30 million of incremental funding from Riverwood Capital, a global technology private equity firm, and Tiger Global Management, an active global investor in Internet companies and controlling shareholder of Navent.  The funding will be used to continue its expansion plan in the region and accelerate the growth of its properties that include Imovelweb (Brazil), Bumeran (Latin America), Mercadoi (Mexico), AdondeVivir (Peru), Plusvalia (Ecuador), among others.

Since 2010, Navent operates leading real estate and job websites across Latin America. “As internet penetration in Latin America increases, the method for obtaining information and acquiring either a job or a piece of real estate will increasingly shift to an online experience,” said Nicolás Tejerina, Navent CEO. “This additional capital will help us take advantage of this opportunity and accelerate the implementation of our growth strategies. In the coming years we plan to continue rolling out new products and features, expand geographically, and consolidate our leadership position in key markets.”

“We are very excited about joining Navent, its team, and Tiger Global in this next phase of growth.  We are impressed with the quality and market leadership position of the Navent properties, and believe there is a huge untapped opportunity ahead of us as more customers use the web to buy or sell a home, or look for a job”  said Francisco Alvarez Demalde, Founding Partner of Riverwood Capital.

Each month over 16 million people use Navent sites to search for properties or look for a job, and more than 55,000 companies use Navent services across the 13 countries where the company operates, that include Brazil, Mexico, Argentina, Colombia, Chile, Uruguay, Peru, Venezuela, Panama, Ecuador, Costa Rica, the Dominican Republic and Bolivia. The job sites are Bumeran.com, Multitrabajos.com, UniversoBit.com, Konzerta.com and Curriculum.bo. The real estate sites are Imovelweb (Brazil), ImoveisCuritiba (Brazil), Mercadoi.com (Mexico), AdondeVivir.com (Peru), Plusvalia.com (Ecuador) and Inmueblesya.com (Bolivia).  Other properties include, Guia Oleo, Peruautos, and Adondejugamos.

Through its flagship jobs property, Bumeran, Navent has established a leading position in the market in various countries throughout the region.  Bumeran continues to see rapid increases in both user statistics and engagement in its current features: approximately 5 million unique users visit Bumeran monthly, which has more than 50,000 job listings in the region published by more than 15.000 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 300.000 listings and more than 7000 real estate professionals registered as active users.

About Navent Group

Navent is the leading online classifieds company in Latin America.  The Navent mission is to help people fulfill two of life’s most important aspirations: find a job and find 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 16 million visits per month from 13 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, Sao Paulo, Brazil and Beijing, China. 
Please visit www.riverwoodcapital.com.

About Tiger Global

Tiger Global Management, LLC is an investment firm that deploys capital globally through its private investment and hedge fund partnerships. The Firms 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, 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 with affiliate offices in Beijing and Singapore.

Navent Group
Fernando Frias
Phone: (+54911) 3174 0134
E-Mail: fernando@pro-logos.com.ar

Riverwood Capital
Angela Murray
Phone: (650) 618-7378
E-Mail: angela@rwcm.com