Carousell raises $35m for expansion
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Singapore-based online marketplace Carousell has raised US$35 million in a funding round led by Rakuten Ventures.
Other investors in the Series B funding round included Golden Gate Ventures, Sequoia India and 500 Startups.
Founded in 2012, the Carousell app lets people buy and sell a variety of items including beauty products, fashion, lifestyle gadgets, furniture and home appliances. Sellers upload photos of items they wish to sell while buyers use the chat function to buy.
Carousell will use the new funds to speed its growth into new markets, strengthen its product and engineering capabilities and build a “world-class” team, says co-founder/CEO Quek Siu Rui. The company has just hired former AirBNB Southeast Asia MD Chai Jia Jih to oversee its international expansion.
So far Carousell has raised about $41.8 million, and is available in 13 major Asian cities including Jakarta, Kuala Lumpur, Singapore, Taipei and, most recently, Hong Kong.
Its marketplace had more than 35 million listings globally as of the second quarter this year, with Quek claiming it has gathers 70 listings a minute.
To stand out from its competition, Carousell puts emphasis on speed. Quek says it takes as little as 30 seconds to post a listing on the marketplace, and users can communicate within the app, eliminating the need for messaging apps or emails.
Questions & Answers
Q.Which existing investors contributed to Carousell's latest funding round?
Which existing investors contributed to Carousell's latest funding round?
Golden Gate Ventures, Sequoia India, and 500 Startups were among the investors who participated in Carousell's Series B funding round. Rakuten Ventures led the US$35 million investment.
Q.How will Carousell use the US$35 million in new funds it has raised?
How will Carousell use the US$35 million in new funds it has raised?
Carousell plans to use the funds to accelerate its expansion into new markets, enhance its product and engineering capabilities, and assemble a top-tier team. This includes hiring to oversee international growth.
Q.What is the total amount of funding Carousell has raised to date?
What is the total amount of funding Carousell has raised to date?
Including the most recent US$35 million Series B round, Carousell has now raised approximately US$41.8 million in total funding. This figure covers all its funding rounds combined.
Q.What is the main feature Carousell emphasises to differentiate itself from competitors?
What is the main feature Carousell emphasises to differentiate itself from competitors?
Carousell highlights speed as its key differentiator, stating that users can post a listing in as little as 30 seconds. The platform also enables direct in-app communication, removing the need for external messaging apps.
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