Carousell raises US$35M in Series B funding to accelerate international growth
Singapore, 2 August 2016 – Carousell announced today that it has secured an additional US$35 million in funding. Led by Rakuten Ventures, together with Sequoia Capital, Golden Gate Ventures, and 500 Startups, this is one of the largest reported Series B rounds raised in the mobile classifieds space.
The additional capital will be used to accelerate Carousell’s growth into new markets around the world, bolster its product and engineering teams, and strengthen its position as one of the world’s largest and fastest growing mobile classifieds marketplace. The mobile app currently serves 13 major cities, and recently completed its official launch in Hong Kong, where it reached #1 Shopping App on the Google Play Store and #2 Shopping App on the App Store within two weeks after the launch.
“Carousell is shaping the way people come together to buy and sell, and make each other’s lives more meaningful. We are reimagining the traditional classifieds industry by letting anyone with a smartphone snap, list, sell in 30 seconds,” said Siu Rui Quek, Co-founder and CEO of Carousell.
“We will remain focused on nurturing a vibrant Carousell community, and use the latest technology to offer them an intuitive user experience. Some of the areas we’ve been improving include discoverability so that it’s easier for users to find just what they need, community features like Carousell Groups to bring our users closer together, and under the hood improvements for a faster and more enjoyable user experience.”
As one of the trailblazers of Singapore’s rapidly growing start-up scene, Carousell enjoys a first-mover advantage in the Asia-Pacific region, where it was the first mobile classifieds app to let anyone with a smartphone buy and sell online. As of June 2016, markets like Hong Kong have seen over 50% growth in transactions month on month since January 2016. Listings on the Carousell marketplace have also been growing with demand, with over 35 million listings on Carousell as of June 2016, and over 70 listings made per minute.
The variety on Carousell has also evolved to reflect the maturing needs of consumers. Starting with a focus on preloved fashion, the classifieds marketplace has grown to include cars, motorbikes, and luxury goods. The introduction of Carousell Groups early this year has also helped to deepen in-app engagement. On average, a Carousell user spends over 17 minutes per day on the app. When compared against the global average of 17 minutes per day with apps like Instagram, these high levels of engagement validate Carousell’s unique approach towards growing an engaged community.
Its growth mirrors the continued rise in mobile penetration, especially in the Asia-Pacific region which is home to 52% of all smartphone users.
Saemin Ahn, Managing Partner of Rakuten Ventures, shares: “As the first of it’s kind in APAC, Carousell has gained significant traction in key markets in the region, and is a great example of a business that’s in the right place at the right time. There are about 2 billion smartphone subscriptions globally, and reports predict that this will increase to over 6 billion smartphone users globally by 2020. That represents huge opportunities for growth, especially in APAC where they have a first-movers advantage.”
“As we continue to evolve into a ‘mobile-first’ society, Carousell is built to scale globally as it enables people to manage yet another element of their lives through their mobile devices, while revolutionizing how people think about their material possessions.”
Carousell is a mobile classifieds marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Launched in August 2012, Carousell began in Singapore and has spread to 13 cities around the world. With over 35 million listings, we are one of the world’s largest and fastest growing marketplaces. Carousell has been ranked as the top Shopping app in Singapore, Taiwan, Hong Kong, and Australia, and is backed by leading international Venture Capitalists Sequoia Capital, Rakuten Ventures, 500 Startups, Golden Gate Ventures, and QuestVC. In Singapore, Carousell has a diverse range of products in 29 categories, including cars, lifestyle gadgets, and fashion accessories. Download the app for iOS or Android, and visit www.carousell.com for more information.
For further information, please contact:
Carousell comms team