The company has secured US$100M during its latest round of funding that was led by South Korean private equity STIC Investments.
The fund, which brings Carousell’s valuation to US$1.1bn, will be used to accelerate its expansion plan in Southeast Asia, allowing the group to “redefine commerce for secondhand goods and automobiles in an increasingly savvy, affluent and sustainability-conscious region”.
“The pandemic has shown us that our mission to inspire the world to start selling and buying secondhand is more relevant than ever,” said Quek Siu Rui, co-founder and CEO of Carousell. “STIC’s investment is a validation of our mission and strategic direction. We’ll deepen our investments in recommerce across more categories and markets, and will continue to seek opportunistic acquisitions in scaling up.”
Founded in 2012, Carousell is a Singaporean consumer marketplace for buying and selling new and secondhand goods. The group has a presence in eight markets in Southeast Asia under the brands Carousell, Mudah.my, Cho Tot and OneKyat.
