Data Vantage: Used car marketplaces rev up for growth with new funding

Online car marketplaces in South and Southeast Asia raked in more moolah last week as investors continue to place higher bets in an increasingly competitive market.

India-focused Cars24 bagged $258.6 million from various investors last week. Of the total, Zennis Capital, DST Global and Alpha Wave Ventures pumped in $74.99 million each. The other big investor was Moore Strategic Ventures, which invested $22.7 million. Cars24’s valuation has risen to $1.6 billion after the funding, cementing its position as a unicorn.

One of Southeast Asia’s major players, Carsome, received close to $23 million last week alone. The majority of it came from Catcha Investments, with Daiwa PI Partners providing the rest.

The funding is part of a $170 million funding round announced by Carsome earlier this month. The company received as much as $146 million in equity funding as part of the round in late August, show its ACRA filings.

Leading online car marketplaces in South and Southeast Asia 

Source: DATA VANTAGE

Earlier in June, Singapore-based Carro had closed a $360 million funding round to join the region’s unicorn club.

Other updates from DATA VANTAGE

Plant-based protein startup Growthwell Group raised $15.9 million in funding from Temasek Holdings and French investment firm Creadev. The company had secured an $8 million funding round led by the Singapore state-owned investment firm last year.

Singapore-based artificial intelligence startup Eureka AI secured $500,000 from venture capital firm B&Y Venture Partners last week. The funding is understood to be part of the $20 million round announced by the enterprise software company in Feb 2020. Its regulatory filings show it has so far raised $13.43 million in equity funding as part of the said round. 

Healthtech firm Neuroglee Therapeutics’s regulatory filings show it received $300,590 last week from Leuu Inc Pte Ltd. The company recently announced it has closed a $10 million Series A round led by Openspace Ventures and EDBI, the investment arm of Singapore’s Economic Development Board.

Oncology startup AUM Biosciences bagged fresh funding amounting to $342,543 last week. The capital came from new investors including Asa Capital Partners and Pureland Global Venture.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.