SoftBank Ventures Korea, a corporate venturing subsidiary of internet and telecommunications group SoftBank, has led a $60m series B round for Singapore-based automotive e-commerce marketplace Carro, Tech in Asia reported today.
B Capital Group and Insignia Ventures Partners co-led the round, which included Singtel Innov8, a subsidiary of telecoms firm Singapore Telecommunications, as well as Alpha JWC, Golden Gate Ventures, Venturra Capital and the family office of Manik Arora.
Carro runs an online platform where used vehicles can be bought or sold. It carries out checks on each vehicle listed on the platform, and also offers after-sale care, automotive insurance and financing services for buyers.
The company will use the series B cash to expand its business in emerging markets. It had previously raised $12m in funding in March 2017 from Singtel Innov8, Venturra Capital, Golden Gate Ventures and undisclosed additional investors.
The 2017 funding came after Carro secured $5.3m in a mid-2016 series A round backed by GMO Venture Partners, a subsidiary of internet company GMO, as well as Singtel Innov8, Venturra, Golden Gate, Alpha JWC and Skystar Capital.
Sean Lee, a partner at SoftBank Ventures Korea, will join Carro’s board of directors in conjunction with the round, as will Tan Yinglan, the founding managing partner of Insignia, and B Capital partner and co-founder Eduardo Saverin.