Carsome secures RM120mil funding

KUALA LUMPUR: Carsome, Southeast Asia’s largest integrated car e-commerce platform, recently completed its Series D fundraising and has announced that it managed to raise US$30mil (RM120mil).

Considered one of the largest all-equity financing to-date within the region's online automotive industry, it was led by Asia Partners and was joined by existing Carsome investors Burda Principal Investments and Ondine Capital.

Carsome co-founder and group CEO Eric Cheng said  the fundraising round - the largest equity investment in Carsome’s history, was a strong endorsement of its integrated business model, with complete digital processing across used car sellers, dealers, and buyers.

“We will use this capital to strengthen our regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate our already successful new offering in the business-to-consumer (B2C) segment. We look forward to rolling out Southeast Asia’s first-ever C2B and B2C integrated e-commerce platform for used cars, a significantly superior new retail experience,” said Cheng.