iCar raises additional A$7.2mil, to be used to fund Carlist.my

  • Had secured a US$13.5mil strategic investment from carsales.com last March
  • New investment to fund Carlist.my product development and marketing activities

AUTOMOTIVE classifieds company iCar Asia Ltd has announced an additional investment of A$7.2 million (US$6.5 million or RM21.5 million) from ASX-listed carsales.com Ltd.
 
In a statement, iCar Asia said it would invest the funds into product development and marketing activities of its market leading brand Carlist.my.
 
iCar raises additional A$7.2mil, to be used to fund Carlist.myIn March 2013, iCar Asia said it had secured a RM42.2-million (US$13.5-million) strategic investment from carsales.com, which was also used for Carlist.my, calling it the largest online deal in Asean that year.
 
“Today’s announcement represents another significant vote of confidence in the performance of the carlist.my team and the significant milestones that have been achieved over the past 18 months,” iCar Asia chief executive officer Damon Rielly (pic) said of the latest investment.
 
“Our vision is to become Malaysia’s largest and most trusted place to buy and sell a car – this investment will ensure we have the funding to make this a reality,” he added.
 
iCar Asia, a subsidiary of  Catcha Media Bhd, was itself listed on ASX (Australian Securities Exchange) in September, 2012.
 
Besides Carlist.my, it also owns Mobil123.com in Indonesia, as well as Thaicar.com and Autospinn.com in Thailand. It also acquired DQBP Sdn Bhd, owner and operator of LiveLifeDrive.com.
 
It claims online properties currently reach over 4.5 million car buyers and enthusiasts in the region every month, citing an Effective Measure, February 2014 report.
 
Related Stories:
 
We are very confident we will own this market: iCar CEO
 
Carlist.my secures US$13.5mil investment from Australia’s carsales.com
 
Catcha Media subsidiary, iCar, lists on ASX
 
 
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