Carsome collects $170m in series D2

Malaysia-based automotive e-commerce platform Carsome has received $200m in series D2 funding from investors including internet company Catcha Group, semiconductor producer MediaTek, financial services firm Mitsubishi UFJ Financial Group and securities brokerage Daiwa Securities.

The round, which has valued Carsome at $1.3bn, also included Malaysian state-backed investment fund Penjana Kapital, as well as Emissary Capital, Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital and an unnamed local sovereign wealth fund.

Mitsubishi and Daiwa took part in the round through their respective subsidiaries MUFG Innovation Partners and Daiwa PI Partners. In addition to the $170m equity funding, Carsome also procured $30m in debt financing.

Founded in 2015, Carsome operates an online platform that enables users to buy, sell or trade used cars. The company claims it closes deals on more than 100,000 cars per year and has operations in Malaysia, Indonesia, Thailand and Singapore.

Carsome will use the funding to bolster the growth of its business-to-consumer division and improve its auto-financing offering. It also plans to strengthen its capabilities to make strategic investments in addition to mergers and acquisitions.

Burda Principal Investments, the corporate venturing unit for media group Hubert Burda, participated in Carsome’s $30m series D round in December 2020, which was led by Asia Partners and featured Ondine Capital.

The company raised $50m in a series C round in December 2019 that included MUFG Innovation Partners, Daiwa PI Partners, Ondine Capital, Endeavor Catalyst, Gobi Partners and Convergence Ventures.

Burda Principal Investments also led a $19m series B round for the business in March 2019 that was backed by existing investors Gobi Partners, Luma Capital and InnoVen Capital.

That round increased total funding to $27m and followed earlier investments from 500 Startups, IMG Investment Partners, Spiral Ventures and Idea River Run.