Singapore-based automotive e-commerce marketplace Carro has received $11m from investors including diversified conglomerate Mitsubishi, investment firm MS&AD and telecommunications and internet group SoftBank, DealStreetAsia reported yesterday, citing a regulatory filing.
The round also featured GXH Investments, a joint venture between conglomerate Hanwha’s Asset Management subsidiary and venture capital firm Golden Gate Ventures, while SoftBank subsidiary SoftBank Ventures Asia took part through its Growth Acceleration Fund.
Carro runs an online platform where users can buy or sell used vehicles while also offering financing and adjacent services like auto insurance or roadside assistance. It operates in Singapore, Indonesia, Thailand, Malaysia and Vietnam.
The company closed its last round, a $90m series B featuring SoftBank Ventures Asia, Hanwha Asset Management and Golden Gate Ventures, in August 2019.
Telecoms firm Singapore Telecommunications’ Singtel Innov8 unit, B Capital Group, Insigina Venture Partners, Alpha JWC, Venturra Capital, EDBI, Dietrich Foundation and Ncore Ventures filled out the series B.
Carro had previously raised a total of at least $18m from internet company GMO’s investment arm, GMO Venture Partners, as well as Singtel Innov8, Golden Gate Ventures, Venturra Capital, Alpha JWC Ventures and Skystar Capital as of 2017.
