Online Marketplace Carousell Becomes Singapore’s Newest Unicorn After Raising $100 Million

Carousell joins Singapore’s growing list of unicorns. After raising funds at a $1.1 billion valuation, the online classifieds marketplace operator seeks expansion into large-ticket items during a pandemic-induced boom in e-commerce.

It announced that the company had raised $100 million through a round of funding led by STIC Investments, a South Korean private equity firm. Venture Cap Insights revealed that Carousell was last valued at approximately $900 million in a funding round during the pandemic’s peak in 2020.

“We believe the accelerated adoption of digital experiences is an opportunity for us to double our e-commerce activities with a focus o convenience on trust, to unlock significant growth in our community,” said Quek Siu Rui, CEO, and co-founder of Carousell.

Carousell, established in 2012, is an online marketplace that allows people to sell or buy secondhand gadgets, fashion accessories, appliances, and other products across Southeast Asia and Hong Kong. Venture Cap Insights says that the company has doubled its revenues to $15.7million in 2019, thanks to existing investors like Sequoia Capital India, Rakuten Ventures, and Naver.

Quek stated, “We have evolved way beyond categories such as fashion, electronics, and general goods.” “People want to live the good life as the region becomes more wealthy.” We are investigating authentication options for higher-value goods, including luxury cars.

Singapore has established itself as a hub to support Southeast Asian startups through the unveiling of local bourses. New rules This month saw the listing of special-purpose acquisitions companies (or SPACs), which will open the door to the U.S. market. These SPACs have been instrumental in facilitating the backdoor listing process for startups. New unicorns, startups with a valuation of more than $1B, were created in the city-state by Carro, a used car marketplace, and Medium, a fintech company.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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