Total amount raised
$628.7 Millions
Latest funding date
7/1/2024
Location
Carsome has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform specializes in the buying and selling of used cars, offering a streamlined and transparent experience for its users.
Keep reading to delve into the details of Carsome's funding journey and discover the key investors who have backed this innovative platform.
What Is Carsome?
Founded in 2015 by Eric Cheng and Jiun Ee Teoh, Carsome is headquartered in Petaling Jaya, Selangor, Malaysia. The company operates as a comprehensive e-commerce platform for buying and selling used cars.
Carsome offers a range of services including car inspections, valuations, bidding, and secure payment processes. They also provide additional services such as car insurance, financing, and access to authorized service centers.
With a workforce of 1001-5000 employees, Carsome has expanded its presence across Southeast Asia, including Malaysia, Indonesia, Thailand, and Singapore.
How Much Funding Has Carsome Raised?
- Series D
- Amount Raised: $30M
- Date: December 2020
- Lead Investors: Asia Partners Fund Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and enhance service offerings.
- Series D
- Amount Raised: $170M
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Debt Financing
- Amount Raised: $30M
- Date: September 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational liquidity and growth.
- Series E
- Amount Raised: $300M
- Date: January 2022
- Lead Investors: 65 Equity Partners, Qatar Investment Authority, SeaTown Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technological capabilities.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: EvolutionX Debt Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial stability and support expansion.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel innovation and market expansion.
- Debt Financing
- Amount Raised: MYR100M ($21.39M)
- Date: July 2024
- Lead Investors: AmBank Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase liquidity and support future growth.
Total Amount Raised: $551.39M
Current Valuation: Not publicly disclosed
Key Investors
- AmBank Group
- Details: A leading financial services group in Malaysia, offering a wide range of conventional and Islamic banking products and services.
- Investment Focus Areas: Banking, Finance, Insurance
- Notable Investments: Not publicly disclosed
- EvolutionX Debt Capital
- Details: A growth-stage debt financing platform focused on providing flexible capital solutions to technology companies in Asia.
- Investment Focus Areas: Technology, Growth-stage companies, Asia
- Notable Investments: Not publicly disclosed
- 65 Equity Partners
- Details: An investment firm that provides capital to support growth and expansion of companies in various sectors.
- Investment Focus Areas: Growth capital, Expansion, Various sectors
- Notable Investments: Not publicly disclosed
- Qatar Investment Authority
- Details: The sovereign wealth fund of the State of Qatar, investing globally across a wide range of asset classes.
- Investment Focus Areas: Real estate, Infrastructure, Technology, Financial services
- Notable Investments: Volkswagen, Barclays, Harrods
- SeaTown Holdings
- Details: An investment firm focused on public and private investments across multiple asset classes.
- Investment Focus Areas: Public and private investments, Multiple asset classes
- Notable Investments: Not publicly disclosed
What's Next for Carsome?
Carsome's recent MYR 100 million financing from AmBank opens up significant opportunities for growth. The funds will help expand their clientele, improve service quality, and expedite the used car trading process. Additionally, their partnership with Neta Auto Malaysia positions them to tap into the growing market for electric vehicles, catering to a new segment of eco-conscious buyers.
Future fundraising seems promising, given the substantial backing from AmBank. This financial support could attract more investors, enabling Carsome to further innovate and expand its market presence. However, challenges such as maintaining service quality during rapid growth and managing new partnerships will need careful navigation.
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