Carousell Approaches Unicorn Valuation

carousell secures funding

Online classified marketplace Carousell has raised $80 million in investment from a consortium led by Naver. Other investors were Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.

Following the latest investment, the Singapore-headquartered company will be valued at over $900 million. The funding shows the faith investors have in the growth of the company as it accelerates e-commerce adoption and supports local communities during the pandemic.

Quek Siu Rui, co-founder and CEO of Carousell said: “Naver’s investment in Carousell is a vote of confidence and reinforces the relevance of our mission. We are excited to work closely with Naver, a leader in mobile services and has industry-leading credentials in advanced technologies, as we continue our focus on using technology to make selling and buying even simpler, effective and more inspiring.”

The company’s platform has helped the people in the region transact more effectively and its focus on the products and community have been worth lauding. Carousell has launched regional initiatives including providing $2 million worth of free ads to non-profit organizations and the launch of ‘Free Items’ category for #ChoosetoGive campaign.

Carousel is today one of the fastest growing marketplaces in eight markets across Southeast Asia, Taiwan and Hong Kong. Backed by Telenor Group, Rakuten Ventures, Naver, Sequoia Capital, and Naspers, Carousell is approaching a unicorn status.