The Singapore-based mobile listing service spanning Southeast Asia, Carousell, has secured a hefty $85 million in Series C funding in a bid to empower its business against the region's highly competitive e-commerce sector before aiming for a worldwide expansion.
The funding round was spearheaded by Rakuten Ventures, a prior investor, and the corporate investment branch of Singapore's Economic Development Board, EDBI. Other investors included returning groups such as 500 Startups, Golden Gate Ventures and Sequoia India. One of the new investors was DBS - the largest bank in Southeast Asia, with over $330 billion in assets.
The conclusion of the new round means that Carousell, which was founded in 2012, has now raised over $126 million in funding.
“It’s been six years since I made my parents very angry when I decided to do a startup, so it’s great to again get the validation of our investors,” co-founder and CEO Siu Rui Quek said in an interview. “Six years ago it was mobile, now we’re going into an AI-first world [with other challenges such as] how do we make payments a lot more frictionless.”
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