South Korean tech giant Naver has just led a $ 80 million (S $ 108 million) investment round in Carousell, the online marketplace startup announced in a press release today (Sept. 15).
Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities are the other two investors included in the consortium.
The latest round of funding brings Carousell's total valuation to $ 900 million (S $ 1.22 billion) following acquisitions in 2019 to accelerate growth in Malaysia, Vietnam and the Philippines.
"Naver's investment in Carousell is a vote of confidence," said Quek Siu Rui, Co-Founder and CEO of Carousell.
One of the fastest growing marketplaces in APAC
Carousell was founded in 2012 and is now one of the largest and fastest marketplaces in the world in eight countries in Southeast Asia, Taiwan and Hong Kong.
Currently Carousell is supported by Telenor Group, Rakuten Ventures, Naver.
Sequoia Capital and Naspers. The startup made headlines last year when it merged with 701search, a Telenor classifieds company.
Carousell's net loss reportedly rose 60 percent to over $ 40 million ($ 54.4 million) due to rising operating costs as revenue climbed to $ 15.7 million ($ 21.4 million) ) doubled.
What does Naver's investment mean for Carousell?
Naver's investments in Carousell could help the online market strengthen its revenue streams and offset losses from its expansion in 2019.
Naver, which owns Line, South Korea's largest search portal, has gradually turned to Singapore to escape the US-China rivalry in Hong Kong.
In July of this year, Naver announced that it would move its data center from Hong Kong to Singapore after other tech giants pulled out of the troubled city-state to implement new security laws.
Selected image source: The Korea Herald / Tech Crunch