E-commerce portal Carousell bags US$35m Series B funding

Singapore

NEARLY S$50 million have been added to the Singapore startup ecosystem, The Business Times learnt on Monday. Of the amount, US$35 million is a Series B funding round raised by e-commerce startup Carousell, while another S$1.34 million comprises investments into two first-of-their-kind accelerator programmes in insurance tech (insurtech) and tourism.

Carousell, Singapore's poster-boy startup, raised its latest capital round from existing, big-name investors Rakuten Ventures, Sequoia India, Golden Gate Ventures and 500 Startups. One of the largest reported Series B amounts raised in the mobile classifieds space, it will be used by the startup to hire more engineers, double down on existing markets and expand beyond South-east Asia.