Singapore-based automotive e-commerce platform Carro received S$477m ($360m) today in a series C round led by internet and telecommunications group SoftBank’s Vision Fund 2.
Insurance group MSIG also took part in the round according to TechCrunch, as did Indonesia-based funds including EV Growth, the venture capital partnership formed by conglomerate Sinar Mas, internet company Yahoo Japan and VC firm East Ventures. It valued the company at a minimum of $1bn.
Founded in 2015, Carro operates a second-hand vehicle marketplace that helps users purchase or sell cars. It also provides financial services including auto insurance, business-to-consumer car loans and breakdown coverage.
In addition to its home country, the company has a presence in Indonesia, Thailand, Malaysia and Vietnam. The money will be used to further expand in the Southeast Asian markets, especially in Indonesia and Thailand, improve its fintech services and boost its platform’s artificial intelligence tools.
Carro had raised $11m from conglomerate Mitsubishi, insurer MS&AD, SoftBank – the last two through MS&AD Ventures and SoftBank Ventures Asia’s Growth Acceleration Fund respectively – and investment firm GXH Investments in August 2020.
SoftBank Ventures Asia had already participated in a $90m series B round for the company in mid-2019 that included telecoms firm Singapore Telecommunications’ Singtel Innov8 unit and Hanwha Asset Management, a subsidiary of diversified conglomerate Hanwha.
Alpha JWC, B Capital Group, Dietrich Foundation, EDBI, Golden Gate Ventures,Insigina Venture Partners, Ncore Ventures and Venturra Capital also contributed to the 2019 round.
Carro had secured a total of no less than $18m as of 2017, from internet group GMO’s corporate venturing arm, GMO Venture Partners, as well as Singtel Innov8, Alpha JWC Ventures, Golden Gate Ventures, Skystar Capital and Venturra Capital.
Greg Moon, managing partner of SoftBank Investment Advisers, which manages Vision Fund 2, said: “Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers.
“Powered by AI, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process.
“We are delighted to partner with [Carro founder and CEO Aaron Tan] and the Carro team to support their ambition to expand into new markets and use AI-powered technology to make the car buying process smarter, simpler and safer.”
