Carousell, a Singapore-based mobile commerce platform backed by e-commerce firm Rakuten, has raised between $70m and $80m in series C funding, TechCrunch reported today, citing two unnamed sources.
The company has not confirmed the deal, telling TechCrunch it is “always looking to get in touch with new investors and partners to help us reach our goals” but that it does “not have updates on funding-related news to share at the moment”.
Founded in 2012, Carousell has created a mobile classifieds app that can be used to sell and purchase second-hand goods or to offer services.
The app only charges a fee for sales in the automotive, jobs, property and services verticals, keeping the offering free for a majority of users. It boasts more than 95 million listings and is currently available across Southeast Asia, Taiwan and Hong Kong.
Rakuten’s corporate venture capital arm, Rakuten Ventures, has participated in all of Carousell’s previous funding rounds, most recently leading its $35m series B round in August 2016, investing alongside Sequoia Capital, Golden Gate Ventures and 500 Startups.
Rakuten Ventures also took part in the company’s $6m series A round in 2014, which was led by Sequoia with contributions from Golden Gate, 500 Startups and angel investor Darius Cheung. All four also backed its $800,000 seed round in 2013.