Singapore-based used vehicle marketplace Carro has collected $12m in a funding round that featured telecom firm Singapore Telecommuniations’ corporate venturing arm Singtel Innov8, Tech in Asia reported yesterday.
Venturra Capital, the venture capital firm backed by conglomerate Lippo Group, and VC firm Golden Gate Ventures also supplied cash and were joined in the round by a range of new, undisclosed backers.
Incorporated in 2015, Carro operates an online marketplace through which users can buy and sell vehicles. The company has also established a subsidiary, Genie Financial Services, to offer car financing services and provide credit advice through a chatbot service.
The funding will primarily go towards the further development of Genie Financial Services, with the remainder split between Carro’s markets in Singapore, Indonesia and Thailand.
Carro has not stated whether its latest round is a series A extension or a bridge round. It follows a $5.3m series A round in June 2016, but Carro CEO Aaron Tan told Tech in Asia it plans to raise a series B at an undetermined point in the future.
The series A round was led by Venturra and included Singtel Innov8 and GMO Venture Partners, the investment arm of internet company GMO, as well as Golden Gate, Alpha JWC Ventures and Skystar Capital. Carro received $710,000 from unnamed investors in a 2015 seed round.