Singapore car sales platform Carro raises $60mn funding

Carro, a Southeast Asian online car sales platform, has closed its series B funding round with a total of $60mn raised.

Carro, which is based in Singapore, provides an online marketplace for used cars and auto finance. The company operates across Singapore, Indonesia and Thailand.

The round was led by B Capital Group, Insignia Ventures Partners and Softbank Ventures Korea. Existing investors who also participated in the Series B round included Alpha JWC, Golden Gate Ventures, Singtel Innov8 and Venturra Capital.

See also:

Goldman Sachs leads $300mn investment in Chinese online car sales platform, RenRenChe

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The company also added members to its board following the funding round: Eduardo Saverin, who is partner at B Capital and co-founded Facebook; Tan Yinglan, previously partner at Sequoia Capital; and Sean Lee, partner at Softbank Ventures Korea.

Reportedly, Carro handled over $250mn worth of transactions through its vehicle marketplace last year, and its auto financing platform, Genie, processed $100mn in loan requests.

Founder and CEO Aaron Tan stated that the new funding will be used to “double down on our online marketplaces and financing in emerging markets”.

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