
Total amount raised
$375.4 Millions
Latest funding date
9/1/2023

Location
Carousell has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a marketplace for buying and selling preloved items.
Keep reading to explore the intricacies of Carousell's fundraising journey and the investors backing this innovative platform.
What Is Carousell?
Carousell, founded in 2012, is a classifieds marketplace based in Singapore. The platform allows users to buy and sell preloved items across various categories, including cars, lifestyle, gadgets, and fashion accessories.
Founded by Lucas Ngoo, Marcus Tan Yi Wei, and Quek Siu Rui, Carousell has grown significantly since its inception. The company now employs between 501 and 1000 people, reflecting its substantial growth and market presence.
Carousell's user-friendly app is available on both iOS and Android, making it accessible to a wide audience. The platform's success is a testament to its innovative approach to consumer-to-consumer transactions.
How Much Funding Has Carousell Raised?
- Series A
- Amount Raised: $6M
- Date: November 2014
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's reach and enhance its technology.
- Series B
- Amount Raised: $35M
- Date: August 2016
- Lead Investors: Rakuten
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $85M
- Date: May 2018
- Lead Investors: EDBI, Rakuten Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand geographically.
- Corporate Round
- Amount Raised: $56M
- Date: April 2019
- Lead Investors: Pobts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and invest in technology.
- Series D
- Amount Raised: $80M
- Date: September 2020
- Lead Investors: Naver
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and improve user experience.
- Private Equity Round
- Amount Raised: MYR415M (approx. $100M)
- Date: September 2021
- Lead Investors: STIC Investment
- Valuation at Round: $1.1B
- Motivation Behind the Round: To deepen investments in pre-owned goods and explore acquisitions.
- Private Equity Round
- Amount Raised: $10M
- Date: November 2021
- Lead Investors: Heliconia Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth initiatives.
- Venture Round
- Amount Raised: $2.8M
- Date: September 2023
- Lead Investors: GoTo Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and expand user base.
Total Amount Raised: $374.8M
Current Valuation: $1.1B
Key Investors
- GoTo Group
- Details: GoTo Group is an Indonesian technology company formed by the merger of Gojek and Tokopedia. It operates in various sectors including ride-hailing, e-commerce, and financial services.
- Investment Focus Areas: Technology, e-commerce, financial services.
- Notable Investments: Gojek, Tokopedia, Halodoc.
- Heliconia Capital Management
- Details: Heliconia Capital Management is a Singapore-based investment firm and a subsidiary of Temasek Holdings. It focuses on growth-oriented companies in Southeast Asia.
- Investment Focus Areas: Technology, consumer goods, healthcare.
- Notable Investments: Razer, ONE Championship, Carousell.
- STIC Investment
- Details: STIC Investment is a South Korean private equity firm that provides growth capital to companies in various industries. It has a strong presence in Asia.
- Investment Focus Areas: Private equity, growth capital, market-transforming companies.
- Notable Investments: Yanolja, Carousell, Big Hit Entertainment.
- Naver
- Details: Naver is a South Korean online platform operator known for its search engine and various internet services. It is one of the largest technology companies in South Korea.
- Investment Focus Areas: Internet services, search engines, technology platforms.
- Notable Investments: Line Corporation, Snow, Carousell.
- Rakuten Capital
- Details: Rakuten Capital is the corporate venture capital arm of Rakuten, a Japanese electronic commerce and online retailing company. It invests in technology startups globally.
- Investment Focus Areas: Technology startups, e-commerce, online services.
- Notable Investments: Pinterest, Lyft, Carousell.
What's Next for Carousell?
Carousell stands at the cusp of significant growth opportunities, particularly in the pre-owned goods and used-car sales markets. With the pandemic accelerating digital adoption, the platform is well-positioned to capitalize on the increasing consumer interest in sustainability and the circular economy. The potential for a public listing in the United States via a SPAC merger could further fuel its expansion and market presence.
Future fundraising efforts are likely to attract substantial private equity investments, supporting aggressive expansion and potential acquisitions. However, Carousell will need to navigate challenges such as intense competition in the used-car market and the complexities of scaling through acquisitions. Maintaining user trust and adapting to evolving market conditions will be crucial for sustained growth.
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