Singapore-based Carousell garnered $85m Series C funding support amidst growing regional competition

Singapore’s Carousell receives much-needed ammunition to take on its competitors.

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Founded in 2012, Singapore-based Carousell has successfully raised $85-million Series C funding round that’s led by Rakuten Ventures and EDBI, alongside 500 Startups, Golden Gate Ventures, Sequoia India and new addition, Asian financial services group DBS. The company plans to continue to build a top-tier team to speed up the roll out of upcoming new features backed by AI and machine learning capabilities. It offers user friendly mobile app that sells both new and used items via a peer-to-peer marketplace seamlessly.

Carousell has expanded quickly. It has a presence in 7 markets such as Southeast Asia, Taiwan and Hongkong. This recent Series C funds raised is much needed, given large amounts of money being injected into regional competitors. A notable example – China giant, Alibaba invested $2b into fellow competitor, Lazada, showing increasing intense competition in the region. Total funding raised by Carousell has hit a new high of $126.8m.

Source: Deal Street Asia