Singapore – September 24, 2021 – Cooley advised Carousell Group, a classified ads marketplace in Greater Southeast Asia, on its $100 million investment. Partners Patrick Loofbourrow and Matthew Bartus led the Cooley team advising Carousell.
STIC Investments led the round, which brings the company’s valuation to $1.1 billion. Carousell will use the new capital to power its ambitions to redefine commerce for secondhand goods and automobiles in an increasingly digital savvy, affluent and sustainability-conscious region.
“We believe that the accelerated adoption of digital experiences is an opportunity for us to double down on our recommerce efforts with a focus on convenience and trust, to unlock step-change growth in our community,” Quek Siu Rui, co-founder and CEO of Carousell, said in a news release. “STIC’s investment is a validation of our mission and strategic direction. We’ll deepen our investments in recommerce across more categories and markets and will continue to seek opportunistic acquisitions in scaling up.”
Founded in 2012, Carousell Group serves a community of tens of millions of users across eight markets in Greater Southeast Asia under the brands Carousell, Mudah.my, Cho Tot and OneKyat. Carousell’s pioneering mobile-first approach reignited the classifieds space, making selling and buying easier – and proving to be an essential one-stop shop across all categories, especially through the pandemic.
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