Automotive marketplace Carro acquires Indonesia’s Jualo, extends Series B to $90M
Carro, an automotive marketplace and car financing startup based in Singapore, said it has raised $30 million to extend and close its $90 million Series B financing round, and acquired Indonesia-based marketplace Jualo as it looks to further scale its business in Southeast Asia.
The Series B round, for which Carro raised $60 million last year, was funded by SoftBank Ventures Asia, government-linked global investor EDBI, Dietrich Foundation and NCORE Ventures.
Hanwha Asset Management, as well as existing investors — including Insignia Ventures, Facebook co-founder Eduardo Saverin’s B Capital Group, Singtel Innov8, Golden Gate Ventures and Alpha JWC — also participated in the round. The three-year-old startup has raised more than US$100 million from investors.
“There was an overflow of interest in our Series B round, which we initially closed towards the end of last year. We had a lot of quality strategic investors coming and therefore decided to extend the round. The round is now officially closed,” Aaron Tan, founder and CEO of Carro, told TechCrunch.
As part of the announcement, Carro said it had acquired Jualo .com, one of Indonesia’s fastest-growing marketplaces where sellers trade new and used goods in over 300 categories, including cars,
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