The marketplace app Carousell, which is classified for Singapore, has just secured the status of “unicorn”, as its valuation reached 1.1 billion US dollars after its last financing round.
A round led by South Korean private equity firm STIC raised $ 100 million.
The latest funds will be used to deepen Carousell's investments in additional categories of used goods and markets, as well as exploring acquisitions to grow the business.
"We believe that accelerating the adoption of digital experiences is an opportunity for us to redouble our re-commerce efforts with a focus on convenience and trust to grow by leaps and bounds in our community," said Quek Siu Rui, co-founder and CEO of Carousel.
Image source: carousel
“The investment from STIC is a confirmation of our mission and our strategic direction. We will be deepening our investments in recommerce in more categories and markets and will continue to look for opportunistic acquisitions to increase scale, ”said Quek.
Carousell joins other Southeast Asian startups, including Carro and Carsome, to break into the swanky unicorn club. Interest in startups in the region has grown exponentially as investors seek to capitalize on the region's growth potential.
Sights in the region
According to Quek, Carousell has outgrown categories like fashion, electronics, and general merchandise.
“When the region becomes more affluent, people want to enjoy the finer things in life. We're reviewing authentication capabilities for higher value products, including luxury goods and automobiles. Our goal is to make transactions in a second-hand marketplace as convenient and trustworthy as any e-commerce platform so that second-hand can really be the first choice, ”he said.
Founded in 2012, investors in Carousell include Telenor Group, Rakuten Ventures, Naver and Sequoia Capital India. It operates in Southeast Asia, Taiwan and Hong Kong.
Carousell is one of the world's fastest growing person-to-person mobile marketplaces. So far, over 8 million entries have been recorded in the app, with millions of articles successfully processed.
Millennials make up 70% of Carousell's visitors, and a third of its revenue comes from used car sales.
Image source: carousel
Next step, SPAC?
The round of financing is intended to pave the way for a US listing of a Special Purpose Acquisition Company (SPAC) that the company is said to be exploring.
The startup is working with a consultant on a potential SPAC deal that could value the company at up to $ 1.5 billion.
A listing via a SPAC could take place as early as the end of this year.
Highlighted Image Source: Carousel
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