Carsome, the Malaysian digital auto retail company, recently finalized a $30 million U.S. Series D funding round and is now planning to accelerate the regional expansion in Southeast Asia’s market.
The round is one of the largest all-equity financings to date in Southeast Asia’s online automotive industry. It was led by Asia Partners and was joined by existing Carsome investors Burda Principal Investments and Ondine Capital.
“We will use this capital to strengthen our existing regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate our already successful new offering in the business-to-consumer (B2C) segment. We look forward to rolling out Southeast Asia’s first-ever C2B and B2C integrated e-commerce platform for used cars, a significantly superior new retail experience,” said Eric Cheng, co-founder and CEO of Carsome.
Carsome is now planning to become Southeast Asia’s largest integrated car e-commerce platform. The company is planning to sell vehicles to individuals and companies through its online bidding portal, which lets customers sell their vehicles directly to dealers.
“Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing Covid-19 pandemic on consumer behaviour across our region. Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses,” Cheng added.