Total amount raised
$760.5 Millions
Latest funding date
12/1/2024
Location
Carro has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform specializes in the online marketplace for used cars, offering comprehensive services including financing and insurance.
Keep reading to explore the intricacies of Carro's fundraising journey and the investors backing this innovative platform.
What Is Carro?
Carro, founded in 2015, is an online marketplace for used cars based in Singapore. The company was established by Aaron Tan, Aditya Lesmana, and Kelvin Chng.
Carro offers a comprehensive range of services, including financing, insurance, and Singapore’s first on-demand roadside recovery platform. The platform aims to simplify the car ownership experience through its proprietary pricing algorithm and in-house solutions.
With a workforce of 1001-5000 employees, Carro continues to innovate in the automotive industry, challenging traditional methods of buying and selling cars.
How Much Funding Has Carro Raised?
- Amount Raised: $30M
- Date: March 2019
- Lead Investors: Hanwha Asset Management, SBVA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and enhance technological capabilities.
- Amount Raised: $11M
- Date: August 2020
- Lead Investors: Mitsubishi Corporation, MS&AD Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and operational expansion.
- Amount Raised: $110.5M
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial stability and fund new initiatives.
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive non-equity assistance for strategic projects.
- Amount Raised: $360M
- Date: June 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Amount Raised: $100M
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Amount Raised: $15.6M
- Date: December 2021
- Lead Investors: Celestial Sage International
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve technological infrastructure and customer experience.
- Amount Raised: Not publicly disclosed
- Date: February 2023
- Lead Investors: Peak3
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To foster corporate partnerships and drive innovation.
- Amount Raised: SGD75M
- Date: June 2024
- Lead Investors: HSBC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure debt financing for operational liquidity.
- Amount Raised: Not publicly disclosed
- Date: December 2024
- Lead Investors: Woori Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial performance and business operations.
Total amount raised: $627.1M
Current valuation: Not publicly disclosed
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world, managed by SoftBank Group. It has a significant influence in the tech industry through its substantial investments.
- Investment Focus Areas: Technology, telecommunications, e-commerce.
- Notable Investments: Alibaba, Uber, WeWork.
- Woori Venture Partners
- Details: Woori Venture Partners is a venture capital firm based in South Korea. It focuses on early-stage investments and has a diverse portfolio.
- Investment Focus Areas: Venture capital, early-stage investments.
- Notable Investments: Not publicly disclosed.
- HSBC
- Details: HSBC is a multinational banking and financial services organization headquartered in London. It is one of the largest banks in the world by assets.
- Investment Focus Areas: Banking, financial services, venture capital.
- Notable Investments: Not publicly disclosed.
- Mitsubishi Corporation
- Details: Mitsubishi Corporation is a global integrated business enterprise headquartered in Japan. It operates in various industries, including finance, energy, and machinery.
- Investment Focus Areas: Finance, energy, machinery.
- Notable Investments: Lawson, Chiyoda Corporation, Toyo Engineering.
- MS&AD Ventures
- Details: MS&AD Ventures is the venture capital arm of MS&AD Insurance Group, focusing on innovative startups. It aims to foster growth in the insurance and technology sectors.
- Investment Focus Areas: Insurance, technology, startups.
- Notable Investments: Not publicly disclosed.
What's Next for Carro?
Carro's future looks promising with significant opportunities for growth. The recent funding from Woori and a 92% reduction in losses highlight the company's improved financial health. This positions Carro well to capitalize on the growing interest in the used car marketplace and fintech sectors in Asia.
With a solid financial foundation, Carro is likely to attract additional investors, paving the way for further expansion and development. However, maintaining this momentum will require navigating challenges such as competition in the used car market and economic fluctuations that could impact consumer spending.
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