Malaysia-headquartered c-to-b-to-c automotive marketplace Carsome has raised $300 million U.S. in its latest financing round, led by funds linked to Singapore’s Temasek Holdings and Qatar’s sovereign wealth fund.

Both 65 Equity Partners and SeaTown Holdings Pte. are backed by Temasek Holdings, a global investment company headquartered in Singapore with a portfolio worth $281 billion. Qatar Investment Authority, founded by the State of Qatar in 2005 to strengthen the country’s economy by diversifying into new asset classes, has an estimated $300 billion of assets and is among the investors that participated in Carsome’s fundraising.

The Malaysia-based automotive marketplace, which launched in 2015 as a c-to-b platform with just $350,000 U.S. in funding, achieved unicorn status last year when it agreed to a share-swap with marketplace specialist Catcha Group. In September, Carsome raised another $170 million U.S. in a Series D2 round, taking its valuation to $1.3 billion. Catcha Group was an investor in the round, along with one of the largest sovereign wealth funds in Southeast Asia (whose name was undisclosed), Taiwanese chipmaker MediaTek, Penjana Kapital and Emissary Capital.

Carsome Group is now preparing an initial public offering in the U.S. for 2022. From its founding seven years ago in Malaysia, it has expanded into Indonesia, Thailand, and Singapore, and today counts more than 8,000 dealers and manages more than 100,000 transactions a year.

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