{"id":8899,"date":"2018-03-08T08:30:00","date_gmt":"2018-03-08T00:30:00","guid":{"rendered":"https:\/\/x.www.carsome.my\/news\/carsome-raises-us19-million-in-series-b-funding\/"},"modified":"2025-05-19T15:12:29","modified_gmt":"2025-05-19T07:12:29","slug":"carsome-raises-us19-million-in-series-b-funding","status":"publish","type":"post","link":"https:\/\/www.carsome.my\/news\/item\/carsome-raises-us19-million-in-series-b-funding","title":{"rendered":"CARSOME Raises US$19 Million In Series B Funding"},"content":{"rendered":"

Kuala Lumpur, 8 March 2018<\/strong> – Carsome, Southeast Asia\u2019s leading and fastest growing online used car platform, today announced that it has raised US$19 million in Series B funding. The company is supported by a mix of strong local and global investors based in Europe, China, USA, Japan and Singapore. Leading this round is Burda Principal Investments, with existing investors Gobi Partners, InnoVen Capital and Lumia Capital following on. Carsome currently has operations in Malaysia, Singapore, Indonesia, and Thailand.<\/p>\n

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The funds will be used to scale and deepen Carsome\u2019s foothold in Indonesia and Thailand – the region\u2019s largest automotive markets with over 3.6 million used car transactions annually.<\/p>\n

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Eric Cheng, Co-Founder and CEO of Carsome, explains that the new funds will help Carsome to advance its ambitions to be the ‘new default way’ of selling used cars within the region. \u201cCurrently, Southeast Asia\u2019s used car industry \u2013 estimated to be valued at over US$30 billion yearly \u2013 is still highly fragmented, inefficient and lacks transparency. Carsome takes on these problems by providing a seamless and transparent online used car selling process; one that provides users an easier way to sell their cars to dealers nationwide in a fast, fair and free manner.\u201d<\/p>\n

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Carsome\u2019s monthly total transaction value has increased by more than fourfold since January 2017. Total car sales facilitated on its platform have more than quadrupled with more than 70% of the transactions being done inter-city, which is a strong testament to the value proposition and product fit of Carsome\u2019s business model. They have also grown their staff strength to over 150 in all four operating countries to cater for the rapid expansion of their business.<\/p>\n

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Albert Shyy, Principal at Burda Principal Investments, said, \u201cWe feel Southeast Asia’s burgeoning automotive sector is in the early stages of a digital transformation and believe there is a tremendous opportunity for Carsome to bridge the offline-to-online space.\u00a0 We are thrilled to join them as they build the leading used car platform in the region.\u201d<\/p>\n

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As part of the expansionary move, Carsome aims to further raise its market share within the Southeast Asian market by strengthening its brand awareness via more localized marketing content, as well as focusing on delivering a superior customer experience for the car selling process on its platform. Carsome will also be introducing new product verticals such as financing and warranties to empower car dealers and to make it easier for customers to sell their vehicles on its platform.<\/p>\n

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\u201cGobi is backing Carsome once more because the management team has consistently beat expectations. With their proven track record, Carsome is in an enviable position to capture the unprecedented growth in ASEAN\u2019s used car market. This round of funding will put Carsome in the driver\u2019s seat for Southeast Asia,\u201d\u00a0said Thomas Tsao, Founding Partner at Gobi Partners.<\/p>\n

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Sell your car through Carsome today! Our bidding platform connects you to over 800 used car dealers nationwide!<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Kuala Lumpur, 8 March 2018 – Carsome, Southeast Asia\u2019s leading and fastest growing online used car platform, today announced that it has raised US$19 million in Series B funding. The company is supported by a mix of strong local and global investors based in Europe, China, USA, Japan and Singapore. Leading this round is Burda […]<\/p>\n","protected":false},"author":3,"featured_media":12434,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[105],"yoast_head":"\nCARSOME Raises US$19 Million In Series B Funding<\/title>\n<meta name=\"description\" content=\"Kuala Lumpur, 8 March 2018 - Carsome, Southeast Asia\u2019s leading and fastest growing online used car platform, today announced that it has raised US$19\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carsome.my\/news\/item\/carsome-raises-us19-million-in-series-b-funding\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CARSOME Raises US$19 Million In Series B Funding\" \/>\n<meta property=\"og:description\" content=\"Kuala Lumpur, 8 March 2018 - 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