Malaysia: Carsome raises $6m in Gobi Partners-led round

Co-founders Eric Cheng (Left) and Teoh Jiun Ee

Malaysia-based used car platform Carsome has raised $6 million in a funding round led by venture capital firm Gobi Partners. The Southeast Asia-focused startup will use the funds to expand regionally.

Other investors in the round included Lumia Capital, Innoven, and existing investors 500Startups and Spiral Ventures, according to an announcement on Tuesday.

“The platform plans to use the new funds to further expand regionally, while also launching more inspection outlets across the four countries, with a primary focus on Indonesia, Malaysia and Thailand,” the statement said.

All the three primary focus countries are, in fact, the largest car markets in Southeast Asia, with a total of 3.5 million used car transactions conducted annually. Carsome currently has five offices spread out among the four countries and hopes to double this amount by the end of 2017.

Carsome caters to Southeast Asia which is currently highly fragmented and inefficient, with an estimated $30 billion per annum in used car sales.

Founded by Eric Cheng and Jiun Ee Teoh in 2015, Carsome is an online used car auction platform that has increased its monthly revenue by 12.5x since its previous fundraising round in March last year and its annualized gross revenue stands at approximately $30 million.

Last year in March, it closed a $2 million Series A funding round led by Malaysian investor Idea River Run along with other investors that included Japan’s IMJ Investment Partners and 500 Startups. Prior to that in 2015, it got $350,000 in seed funding from 500 Startups.

Carsome’s choice of investors for this round stems from a decision to work with a global investor syndicate that carries extensive knowledge of the industry. Shanghai-based Gobi Partners has earlier invested in Chezhibao in China, which recently just raised a $100 million round while Lumia Capital invested in Instacarro in Brazil.

“Moving forward, we will be helping the company to look for more strategic partners and investors, to build on the strong fundamentals Carsome has,” said Victor Chua, Vice President of Investment for ASEAN at Gobi Partners.

Also Read:

Malaysia: Carsome raises $2m Series A from IdeaRiverRun, Japan’s IMJ & 500 Startups

Malaysian automobile portal Carsome raises $350k from 500 Startups & IRR

India: Auto platform Droom raises Series B led by Beenext, Japan’s Digital Garage

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.