Carmudi, the Germany-based classified car advertising website owned by Rocket Internet, has raised $10m in a series A round led by Tengelmann Ventures, the corporate venturing arm of retailer Tengelmann Group, and which included other, undisclosed investors.
Carmudi was launched in 2013 by Rocket Internet, the Germany-based internet-focused incubator behind Easy Taxi and fashion retailer Zalora among other startups.
The funding will be used to expand Carmudi’s classified vehicle advertising site further into Asian markets. It currently has localised 11 sites, of which 6 are based in Asian countries Vietnam, Myanmar, Pakistan, the Philippines, Indonesia and Bangladesh.
Carmudi managing director Stefan Haubold told Techcrunch: “The funding will help us drive our growth even further, enabling us to become the number one online vehicle marketplace in Asia. Eventually, I envision Carmudi to be a one-stop shop for all car-related topics, be it car reviews, news, tips or simple advice.”
The funding is reminiscent ofTengelmann’s recent investment in Carmudi’s sister company, Lamudi, a classifed property listings site also operated by Rocket Internet.