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Carousell secures US$35 million in Series B funding

Nurdianah Md Nur | Aug. 4, 2016
The funds will be used to accelerate international growth and bolster its product and engineering teams

Credit: Carousell's Facebook

Carousell — a Singapore-based mobile classified app — recently secured an additional US$35 million in funding.

The Series B round was led by Rakuten Ventures, and saw participation from Sequoia India, Golden Gate Ventures and 500 Startups.

According to Carousell, the additional capital will be used to accelerate its growth into new markets around the world, and bolster its product and engineering teams.

The app currently serves 13 major cities, and recently completed its official launch in Hong Kong, where it reached #1 Shopping App on the Google Play Store and #2 Shopping App on the App Store within two weeks after the launch.

"Carousell is shaping the way people come together to buy and sell, and make each other's lives more meaningful. We are reimagining the traditional classifieds industry by letting anyone with a smartphone snap, list, sell in 30 seconds," said Siu Rui Quek, Co-founder and CEO of Carousell.

"We will remain focused on nurturing a vibrant Carousell community, and use the latest technology to offer them an intuitive user experience. Some of the areas we've been improving include discoverability so that it's easier for users to find just what they need, community features like Carousell Groups to bring our users closer together, and under the hood improvements for a more enjoyable experience," he added.

Carousell has also seen a change in the variety of goods sold on its platform since its launch in May 2012. Even though the platform was first used to mainly sell pre-loved fashion items, consumers can now find cars, motorbikes, and luxury goods on it.

The introduction of Carousell Groups early this year has helped to deepen in-app engagement. On average, a Carousell user spends more than 17 minutes per day on the app, which is comparable to the global average of 17 minutes per day with apps like Instagram, according to the company.


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