South Korean tech big, Naver, simply led a US$80 million (S$108 million) funding spherical into Carousell, the web market startup introduced in a press launch earlier as we speak (15 Sep).
Mirae Asset-Naver Asia Progress Fund and NH Funding & Securities are the 2 different buyers included within the consortium.
The most recent funding spherical brings Carousell’s complete valuation to US$900 million (S$1.22 billion), following acquisitions in 2019 to speed up development in Malaysia, Vietnam and the Philippines.
“Naver’s funding in Carousell is a vote of confidence,” says Quek Siu Rui, co-founder and CEO of Carousell.
One Of The Quickest-Rising Marketplaces In APAC
Launched in 2012, Carousell is now one of many world’s largest and quickest marketplaces in eight nations throughout Southeast Asia, Taiwan and Hong Kong.
At the moment, Carousell is backed by Telenor Group, Rakuten Ventures, Naver,
Sequoia Capital, and Naspers. The startup made headlines final 12 months when it merged with 701search, a classifieds agency owned by Telenor.
Carousell’s internet loss reportedly swelled by 60 per cent to over US$40 million (S$54.four million) as a consequence of rising working prices, as its income doubled to US$15.7 million (S$21.four million).
What Does Naver’s Funding Imply For Carousell?
Naver’s investments into Carousell could assist the web market gas its income streams and recoup the losses from its 2019 enlargement.
Naver, who owns Line, South Korea’s largest search portal has been step by step pivoting in direction of Singapore to flee the US-China rivalry in Hong Kong.
In July this 12 months, Naver introduced that will probably be shifting its information centre from Hong Kong to Singapore, following different tech giants retracting from the troubled city-state amidst the implementation of latest safety legal guidelines.
Featured Picture Credit score: The Korea Herald / Tech Crunch