Other participating investors in the round, the startup revealed in a statement, are existing backers 500 Startups, Golden Gate Ventures and Sequoia India, as well as new investor, Asian financial services group DBS.
Carousell said that the proceeds will be used to accelerate product innovation, with investments to be made into talent acquisition and deep technology.
“The investment will enable us to continue building up our teams with top-tier talent to accelerate our development of highly anticipated features, and more AI and machine learning capabilities. We are grateful for the support of our new and existing investors, and their strong validation of our team’s execution capabilities, passion for the mission and product vision,” said Carousell co-founder and CEO Siu Rui Quek.
Carousell’s app blends new and used items into a form of streamlined classified listings optimized for display on a mobile app, functioning as a peer-to-peer (P2P) marketplace where individuals can list and trade their items.
The company was launched in August 2012 in Singapore and now has a presence in seven markets across Asia, including in Southeast Asia, Taiwan and Hong Kong. It claims to have 144 million listings on its marketplace across a variety of categories, including cars, lifestyle, gadgets and fashion accessories.
For its Series B funding, Carousell raised $35 million in 2016, which was one of the largest reported Series B amounts raised by a startup in the city-state at the time.
The new round of funding brings the company’s total funding to about $126.8 million. It had raised $6 million and $600,000 for its Series A and seed funding respectively.
The funding will be seen as a much-needed ammunition, given a large amount of money has been injected of late into some of Carousell’s regional competitors. Most notably Lazada snagged another $2 billion from Alibaba this year, bringing the Chinese giant’s investment in the Southeast Asian company to $4 billion.