Singapore-based automotive e-commerce platform Carro has increased a series B round featuring internet and telecommunications group SoftBank to $90m, DealStreetAsia reported today, citing an executive close to the development
SoftBank’s early-stage investment arm, SoftBank Ventures Asia, was among the investors in what was a $30m second tranche, joining three or four undisclosed new investors. The executive told DealStreetAsia almost all Carro’s existing backers contributed.
Carro runs an online marketplace with a presence in between 35 and 40 Southeast Asian cities, allowing users to buy or sell used cars while also providing roadside assistance, after-care and maintenance, as well as financing through sister company Genie Financial.
SoftBank Ventures Asia co-led the round’s $60m first tranche in May 2018 with B Capital Group and Insignia Ventures Partners, investing with telecoms group Singapore Telecommunications’ Singtel Innov8 unit, Golden Gate Ventures, Alpha JWC, Venturra Capital and the family office of Manik Arora.
The completion of Carro’s series B funding took its overall funding to $105m since it was founded in 2015. It will use the capital influx to strengthen its presence in Indonesia, Singapore and Thailand while expanding its business to up to 400 cities in the region.
The ongoing growth drive is set to be fuelled by strategic acquisitions, with vehicle repair and maintenance workshops, automotive parts suppliers and car parks all possible targets.
Venture capital firm Venturra Capital led Carro’s $5.3m series A round in 2016, investing alongside Singtel Innov8, GMO Venture Partners, which invests on behalf of internet company GMO, Golden Gate Ventures, Alpha JWC Ventures and Skystar Capital.
Singtel Innov8, Venturra Capital and Golden Gate Ventures subsequently joined unnamed new investors to supply a further $12m in funding for the company in early 2017.
