Southeast Asia minted two new unicorns this week. On Wednesday, online classifieds major Carousell announced it secured $100 million in fresh funding from South Korean private equity firm STIC Investments, increasing its valuation to $1.1 billion.
The company is riding on the strong growth seen in the “circular economy.” This economy, which embraces the reuse, repair, and resale of goods, is a $4.5 trillion business opportunity, estimates the World Resources Institute.
In a report earlier this year, we did a deep dive into the potential of this sector and the fortunes of the Singapore startup, which had then stood within striking distance of the unicorn club. Attractive pricing of pre-loved items, as well as better awareness of one’s environmental footprint, has prompted more Asian consumers to check out pre-loved items on marketplaces such as Carousell.
Prominent companies in the circular economy
In the latest funding round announced by Carousell, STIC Investments paid $17.32 per preference share, an 8.6% increase over the preference share price paid by New Horizon Investment last year.
After the latest funding round, Telenor Communication remains the startup’s largest shareholder, followed by Rakuten Capital.
Top shareholders in Carousell
Indonesian digital payment platform Xendit also joined the unicorn club as it announced raising $150 million in its Series C funding round on Wednesday. New York-based investment firm Tiger Global Management, which had previously backed Indonesian fintech startup Payfazz, led the funding round.
Existing investors Accel, Amasia, and Justin Kan’s Goat Capital also participated. The latest funding round comes six months after the Indonesian fintech firm raised $64.6 million in its Series B round, which was led by Accel.
Other updates from DATA VANTAGE
Alternative protein firm Growthwell received an additional $4 million from GGV Capital and DSG Consumer Partners this week, taking its Series A round total to $19.9 million. It had earlier secured $15.9 million in the round from return backer Temasek Holdings and French investment firm Creadev.
Indian transport tech company Chalo received $25.7 million from various entities this week. LR India Holdings pumped in $19.8 million this time and is now the largest shareholder in the company. Filter Capital and AKSS Holdings also invested in the round, pumping in close to $4 million and $1.5 million, respectively.
Vietnam’s AI-enabled tutoring platform Clevai secured new funding this week, with the bulk of it coming from Altara Ventures. Existing investor FEBE Ventures also participated in the round, with the share pricing being nearly 70% higher than a previous round in April this year.
Indonesia’s e-commerce enabler Sirclo received $4 million from PT Duta Virtual DotKom this week, as part of its $36 million funding round. Traveloka had invested $5 million in the round, we wrote previously.
Fertility clinic chain operator IVF Access raised new funding from existing investor Vertex Ventures Southeast Asia and India this week. This brings the fund’s year-to-date investment in the chain to $2.6 million.
Short content and news aggregator Inshorts received $2.5 million from A91 Partners this week. Its location-based social network Public app had announced in March raising Rs 300 crore ($40.8 million) from A91 Partners and existing investors.