Singapore Automotive Marketplace Secures $60M In Series B

Singapore's used car online marketplace Carro has bagged US$60 million in Series B funding and added Eduardo Saverin, amongst other investors, to its board.

The latest round was jointly led by Insignia Ventures Partners, Softbank Ventures Korea, and B Capital Group, and also included existing investors Venturra, Singtel Innov8, Golden Gate Ventures, and Alpha JWC.

The new funds would be used to support the company's expansion into emerging markets and "double down" on its marketplace, said Carro in a statement Monday, adding that it aimed to offer a platform that facilitated the entire lifecycle of automotive ownership.

Founded in 2015, the Singapore-based company had raised US$15 million in previous funding rounds.

The latest round also sees the addition of Facebook's co-founder Saverin, who currently is co-founder and partner at B Capital, to Carro's board of directors as well as Sean Lee, partner at Softbank, and Tan Yinglan, who is founding managing partner at Insignia.

Carro CEO Aaron Tan said: "The expertise [the investors] bring to the table will allow us to continue scaling up our online marketplace as well as Genie Financial Services, Carro's own financial services company, which is already profitable. With credit approvals in just a few minutes, the purchase of any car can be done in 30 minutes or less.

"We will double down on our online marketplaces and financing in emerging markets this year," Tan added. "Ultimately, we want to improve the experience of selling and buying a car, as well as provide access to capital to the next billion people."

More than US$250 million worth of vehicles last year were transacted on its marketplaces in Singapore, Indonesia, and Thailand. Genie also dished out US$100 million in loans and built up a loan book of almost US$40 million, according to Carro.

Its online platforms currently offer a range of services, including insurance brokerage, roadside assistance, and auto financing.