Sumary of Online Marketplace Carousell Is Singapore’s Newest Unicorn:
- (Bloomberg) — Online classifieds marketplace Carousell Pte became Singapore’s latest tech unicorn, raising funds at a $1.1 billion valuation as Southeast Asia’s e-commerce startups benefit from the pandemic and related lockdowns.
- The company got $100 million in a round led by South Korean private equity firm STIC Investments, according to a statement on Wednesday.
- Carousell is joining Singapore’s growing list of unicorns, or private companies valued at more than $1 billion, as the island nation of 5.7 million people positions itself as a vibrant regional hub for technology startups.
- There has been a flurry of fundraising and startup deals in Southeast Asia, where the tech industry is having a boom year.
- Co.“The accelerated adoption of digital experiences is an opportunity for us to double down on our recommerce efforts with a focus on convenience and trust,” Carousell Chief Executive Officer Quek Siu Rui said in the statement.
- Carousell was founded in 2012 and now counts Telenor ASA, Rakuten Ventures, Naver, and Sequoia Capital India among its backers.