Carsome secures US$ 50 million in series C funding
JAKARTA - Carsome, the leading used car trading platform in Southeast Asia, today announced it has pocketed for Series C funding with a principal of US$ 50 million.
The new funding will strengthen regional market leadership in the automated trading ecosystem through a strategic partnership that offers a range of value-added services including car loans, dealer financing, guarantees and insurance.
The funding brought in new investors including MUFG Innovation Partners (MUIP), Daiwa PI Partners, Endeavor Catalyst, and Ondine Capital. Carsome's Series C funding was also attended by pre-existing investors, including Gobi Partners and Convergence Ventures, as well as other unnamed new investors.
"We are very pleased and feel compelled by the support of global investors in this Series C funding. They have the same vision as us in revolutionizing the used car industry in Southeast Asia by setting and upholding new standards of quality assurance and better use of transactional data," said Eric Cheng, Co-founder and CEO of Carsome.
In March 2018, Carsome obtained Series B funding worth US$ 19 million led by Burda Principal Investments along with Gobi Partners, Convergence Ventures, Indogen Capital, InnoVen Capital, and Lumia Capital. The funding was then followed another US$ 8 million funding in August 2018 led by the family office of Joe Hirao, Founder of ZIGExN Co. Ltd. based in Tokyo. (LM)