Singapore's Carro raises $30m for extended Series B
Singaporean auto marketplace operator Carro has raised $30 million from investors including SoftBank Ventures Asia as part of an extended Series B round.
EDBI, The Dietrich Foundation, Ncore Ventures, Hanwha Asset Management, Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC also participated. It will support ongoing expansion into Thailand and Indonesia, including the acquisition of Jakarta-based Jualo, a C2C marketplace with a strong emphasis on cars and motorcycles.
The investment brings total funding to more than $100 million to date. Last year, the company received a $60 million Series B round led by SoftBank Ventures Asia and featuring contributions from Venturra Capital and the family office of Manik Arora, founder of IDG Ventures India. A $12 million round was raised in 2017 from a group including GMO Venture Partners, Coffee Ventures, and Skystar Ventures.
Carro aims to facilitate transactions across the entire automotive ownership lifecycle by exploiting C2C, C2B and B2B market models across categories such as auto financing, insurance brokerage, and roadside assistance. Operations span more than 30 cities in Singapore, Thailand and Indonesia. The company is said to support more than 4,000 transactions per month in Thailand and Indonesia.
Competitors include Indonesia's BeliMobilGue, a used car trading platform that raised a $10 million Series A earlier this year with support from a local Toyota dealer. BeliMobilGue has opened more than 10 physical outlets around Jakarta since inception last year offering services in financing, trade-ins and corporate fleet operations. Dealer financing is considered a key growth area.
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