iCarsclub raises record US$60m Series B funding

Singapore

SINGAPORE-based car-sharing app iCarsclub has raised a massive US$60 million in Series B funding, and says it is revving up for further expansion into Asia, though it still has a way to go before governments in the region embrace car-sharing and its benefits.

This second round of funding, which follows a US$10 million Series A one in June, came from new investors IDG Capital Partners and MorningSide Ventures. It is believed to be the highest Series B recorded in Singapore this year, overtaking mobile advertising startup AdNear's US$19 million in October, and approaching the US$65 million in Series C funds bagged recently by taxi-booking app GrabTaxi.