Indonesia-based online used car exchange Carsome closed a $30m series D round yesterday featuring Burda Principal Investments, the corporate venturing arm of media group Hubert Burda.
The round was led by growth equity firm Asia Partners and was also backed by venture capital firm Ondine Capital.
Carsome runs an online service where car owners can auction or trade in used vehicles through its affiliate dealerships once they have been vetted by its inspection programme. It operates in Malaysia, Singapore, Indonesia and Thailand, and sold its 100,000th vehicle last month.
The company will use the series D funding to strengthen its consumer-to-business and business-to-consumer product lines. Financial services firm Mitsubishi UFJ Financial Group took part in its $50m series C round in December 2019 through subsidiary MUFG Innovation Partners.
The round included Daiwa PI Partners, which invests on behalf of securities brokerage Daiwa Securities, as well as Ondine Capital, Endeavor Catalyst, Gobi Partners and Convergence Ventures.
The series C followed a $19m series B round in March 2019 led by Burda Principal Investments and backed by existing investors Gobi Partners, Luma Capital and InnoVen Capital, taking Carsome’s total funding to $27m. Its earlier investors include 500 Startups, IMG Investment Partners, Spiral Ventures and Idea River Run.