2 Singaporean online marketplace startups raise fresh funds

Carousell Co-founders, Marcus Tan, Lucas Ngoo, and Quek Siu Rui
PHOTO: Carousell

SINGAPORE - Singapore's Carousell, a classifieds marketplace, said on Monday that it raised $85 million in funds from investors including DBS Group Holdings Ltd, the city-state's biggest lender.

The funding round was co-led by Japanese e-commerce company Rakuten's fund, Rakuten Ventures, and Singapore's EDBI. Existing investors 500 Startups, Golden Gate Ventures and Sequoia India also participated in the funding.

DBS and Carousell will collaborate to offer financial products and payment services on the marketplace's platforms, according to the statement. Carousell was launched in 2012 and currently operates in seven markets, including Singapore, Malaysia and Indonesia.

Separately, automotive marketplace Carro said it closed a $60 million funding round that was co-led by Facebook Inc co-founder Eduardo Saverin's venture capital firm, B Capital Group, Softbank Ventures Korea and Insignia Ventures Partners.

Other investors, including Singtel Innov8 and Golden Gate Ventures, also took part in the round. Carro was founded in 2015 and is present in Singapore, Indonesia and Thailand.