Carsome raises US$50 million for used cars marketplace
Carsome has successfully closed its Series C round, led by a subsidiary of Mitsubishi UFJ Financial Group - MUFG Innovation Partners. The company managed to secure US$50 million in funding.
Malaysia-based startup will use the funds to fend off the competition and expand in Southeast Asia. Carsome is operating one of the largest platforms for car sellers in the region. Essentially the company is bringing together the people, who want to sell their automobiles, and the official dealers. The platform is up and running in Thailand, Indonesia and Malaysia.
It uses an online auction model, which adds competition and a possibility for sellers to maximise their profits. Cars are typically listed the day after they are submitted, after a thorough check-up by the startup’s staff.
“We want to establish a brand and a standard that advocates trust, transparency, consistency of service and quality assurance across the region that people and businesses can rely on to make their purchasing decisions.” - said co-founder and CEO Eric Cheng.