Key Sentence:
- Carousel joins the stability of Singapore’s thriving unicorn after raising $1.1 billion in funding.
- As online advertising marketplace operators seek to expand to big tickets amid the pandemic e-commerce boom.
The company has raised $100 million in a financing Carousell round led by South Korean private investment firm STIC Investments, they said in a statement on Wednesday. According to Venture Cap Insights, South Korea was last valued at around $900 million during a funding round amid the 2020 pandemic.
“We believe that accelerating the adoption from digital experiences Carousell is an opportunity for us to redouble them re-commerce efforts. With a focus on convenience and confidence to drive the growth of change in our community,” said Quek Siu Rui, Co-Founder and managing director of Karussell.
Founded in 2012, Carousell operates that online marketplace where consumers can buy and sell various used products. Including electronic devices, fashion accessories, and home appliances in Southeast Asia, Taiwan, and Hong Kong. According to Venture Cap Insights, the company, which among existing investors Telenor ASA.
Rakuten Ventures, Naver, and Sequoia Capital India, doubled 2019 revenue to $15.7 million.
“We’ve gone beyond categories like fashion, electronics, and general merchandise,” says Quick. “As the region gets more affluent, people want to enjoy the finer things in life. We’re looking for ways to certify higher-value products, including luxury goods and cars. “
Singapore is positioned as a hub for startups in Southeast Asia. The local stock market reveals new rules this month to pave the way for unique purpose vehicle listings or SPACs. Many of which have facilitated listings of US startups. The unicorn or more than $1 billion worth of startups belongs to the used car market city-state Carro and fintech company Medium.