Naver leads $80m round for Singapore's Carousell

Naver made a separate contribution from its Mirae Asset-Naver Asia Growth Fund, which was set up in 2018 with KRW1 trillion ($861.4 million). Korean financial services firm NH Investment & Securities also participated.

It follows a significant growth phase for the company, including acquisitions last year in Malaysia, Vietnam, and the Philippines as part of a merger with the Southeast Asia subsidiary of Norwegian telecoms giant Telenor Group. That transaction delivered Telenor a 32% stake in the company, making it the largest minority shareholder.

Carousell has raised at least $200 million to date, including an $85 million Series C round in 2018 led by the VC arm of Japanese e-commerce leader Rakuten. Previous investors also include 500 Startups, Golden Gate Ventures, Sequoia Capital India, DBS Group, Naspers, and Quest Ventures.

Carousell brands itself as a “classified 4.0” provider, facilitating consumer-to-consumer sales of secondhand goods, including cars, household items, electronics, and clothes. Singapore, Hong Kong, and Southeast Asia are the main markets, although operations also extend to Taiwan, Australia, New Zealand, and Canada. There have been a number of efforts to support users experiencing economic hardship during the pandemic.

“The last six months have been challenging for all. It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on,” Quek Siu Rui, CEO of Carousell, said in a statement. “Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep heads down focused in serving our community.”

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• Topics
• Southeast Asia
• Consumer
• Expansion
• Technology
• Singapore
• TMT
• e-commerce