C2C marketplace Carousell raises US$35mil in Series B

  • Has raised a total of nearly US$42mil since its founding in May 2012
  • Currently serves 13 major cities, officially launched in HK recently
C2C marketplace Carousell raises US$35mil in Series B

SINGAPORE-based Carousell said it has secured US$35 million funding in a Series B round led by Rakuten Ventures.
Others participating were Sequoia Capital, Golden Gate Ventures and 500 Startups, the mobile-focused consumer-to-consumer (C2C) marketplace startup said in a statement.
It has raised a total of nearly US$42 million since its founding in May 2012, following a US$6-million Series A in November 2014 and a S$1-million (approximately US$750,000) seed round a year earlier.
In its statement, Carousell said the additional capital from its Series B will be used to boost growth into new markets around the world, and to bolster its product and engineering teams.
In April this year, a senior executive had told Digital News Asia (DNA) that it was not seeking additional funding as it had enough in its coffers to expand to new markets.
Its mobile app currently serves 13 major cities, and recently completed its official launch in Hong Kong, where it was the No 1 Shopping App on the Google Play Store and No 2 on Apple’s App Store within two weeks after the launch, the company claimed.
“Carousell is shaping the way people come together to buy and sell, and make each other’s lives more meaningful,” said cofounder and chief executive officer Siu Rui Quek.
“We are reimagining the traditional classifieds industry by letting anyone with a smartphone snap, list, sell in 30 seconds.
“Some of the areas we’ve been improving include discoverability so that it’s easier for users to find just what they need, community features like Carousell Groups to bring our users closer together, and under-the-hood improvements for a more enjoyable experience,” he added.
Carousell said that it has more than 35 million listings as of June 2016, and more than 70 listings made per minute.
Beginning with a focus on second-hand fashion goods, the classifieds marketplace has grown to include cars, motorbikes and luxury goods.
The introduction of Carousell Groups early this year has helped to deepen in-app engagement, it said. On average, a Carousell user spends more than 17 minutes per day on the app.
“When Rakuten Ventures first invested in Carousell, it was a scrappy and hungry group of founders determined to change the way people transact with one another in the 21st century,” said Rakuten Ventures managing partner Saemin Ahn.
“We now see their vision and this want for interaction shared by vast groups of people not only in Singapore but also in countries like Indonesia, Taiwan and Hong Kong,” he added.
Earlier this year, the venture capitalist firm’s parent company Rakuten shut down its e-commerce operations in Malaysia, Singapore and Indonesia to refocus on mobile C2C commerce in the region.
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