Singapore's Carousell snags US$35 million funding as online marketplaces thrive
Online marketplace has raised more than US$40 million, and is available in 13 major cities around Asia, including Singapore, Taipei and most recently in Hong Kong
Singapore-based startup, Carousell, has raised US$35 million in a funding round led by Rakuten Ventures, underscoring growing appeal for peer-to-peer marketplaces in Asia.
Other investors in the Series B funding round included Sequoia India, Golden Gate Ventures and 500 Startups, according to a statement.
The company, which was founded in 2012, allows users to buy and sell a broad variety of items on an online marketplace, ranging from beauty products, fashion, lifestyle gadgets to furniture and home appliances. Sellers upload photos of the items they'd like to sell while buyers use the chat function to buy.
The new funds raised will be used to speed up Carousell's growth into new markets, strengthen its product and engineering capabilities and build a world-class team, Quek Siu Rui, co-founder and CEO at Carousell says.
Recently, the Singaporean company hired the former managing director for Southeast Asia at Airbnb, Chai Jia Jih, to oversee the company's international expansion.
To date, Carousell has raised approximately US$41.8 million, and is available in 13 major cities around Asia, including Singapore, Kuala Lumpur, Jakarta, Taipei and most recently in Hong Kong. Quek did not disclose which markets are next on Carousell's radar.
Carousell's marketplace had over 35 million listings globally as of the second quarter of 2016, with more than 70 listings made per minute, according to Quek. "On average, a Carousell user spends about 17 minutes a day on the app," he said.