Singapore-based used car marketplace Carro has raised $100m from investors including conglomerate Sime Darby, shipping firm Greater Honor International and media group Emtek, DealStreetAsia reported yesterday.
Singaporean state-owned investment firm Temasek and fund manager Permodalan Nasional Berhad co-led the round – investing $30m and $25m respectively, according to DealStreetAsia – and were joined by financial services firms Shinhan Financial Group ($10m) and Mirae Asset Financial Group ($5m).
Greater Honor, Emtek and Sime Darby subsidiary Sime Singapore invested $12m, $10m and $5m respectively, while hedge fund manager Rohdea Master Fund supplied $3m.
Carro operates an online platform that lets users buy, sell or rent used cars, also offering related services such as insurance, breakdown coverage and financing options.
The company received $360m in June this year in a series C round led by internet and telecommunications group Softbank’s Vision Fund 2 at a valuation of at least $1bn. Insurance group MSIG and EV Growth, the partnership formed by conglomerate Sinar Mas, internet company Yahoo Japan and VC firm East Ventures, also took part in that round.
SoftBank Ventures Asia’s Growth Accelerator Fund, conglomerate Mitsubishi, MS&AD and GXH Investments, a joint venture between conglomerate Hanwha’s Asset Management subsidiary and VC firm Golden Gate Ventures, had provided $11m in funding in August 2020.
Carro had closed its series B at $90m in mid-2019 with a $30m extension that came after SoftBank Ventures Asia co-led the first tranche in in 2018 with B Capital Group and Insignia Venture Partners, while telecoms firm Singapore Telecommunications’ Singtel Innov8 subsidiary, Alpha JWC, Golden Gate Ventures, Venturra Capital and Manik Arora’s family office filled out the close.
Singtel Innov8, Venturra Capital, Golden Gate Ventures and undisclosed other investors had provided $12m for Carro the previous year, bringing its total funding to at least $18m.
