Singapore classifieds market app Carousell simply snagged the “unicorn” standing as its valuation reached US$1.1 billion after its newest funding spherical.
It raised US$100 million in a spherical led by South Korean personal fairness agency STIC, which gave it a step up from its earlier US$900 million valuation made throughout the earlier fund increase final 12 months.
The most recent funds will likely be used to deepen Carousell’s investments throughout extra classes of pre-owned items and markets, and in addition to discover acquisitions to scale up the enterprise.
Carousell joins different Southeast Asian startups, together with Carro and Carsome, to interrupt into the swanky unicorn membership. The curiosity in startups within the area have grown exponentially, as buyers look to money in on the area’s progress potential.
Subsequent step, SPAC?
The funding spherical is about to pave the best way for a particular function acquisition firm (SPAC) itemizing within the US, which the corporate is claimed to be exploring on.
The startup is working with an adviser on the potential SPAC deal that might worth the corporate at as a lot as US$1.5 billion. A list via a SPAC may happen as quickly as the tip of this 12 months.
Launched in 2012, Carousell’s buyers embody Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India. It operates in Southeast Asia, Taiwan, and Hong Kong.
The fast-growing cellular person-to-person market has recorded over 8 million listings on the app to date, with hundreds of thousands of things efficiently transacted.
Featured Picture Credit score: Carousell