Carsome, the Malaysian car marketplace, has bagged $50m in a new Series C investment round to strengthen its grip of the Southeast Asian market.
MUFG Innovation Partners, the investment arm of Mitsubishi UFJ Financial Group that raised a $185m investment fund in January, and Daiwa PI Partners, the private equity arm of Japan’s securities group Daiwa Securities, invested in the round, as did venture capital firms Endeavor Catalyst, and Ondine Capital, according to TechCrunch.
VC firms Gobi Partners and Convergence Ventures also participated in the round, having backed Carsome in the past. The startups is now said to have raised $85m in total to date.
The venture help car owners connect with with dealers and it is operational in Malaysia, Indonesia, and Thailand.
Moreover, it also offers dealers and seller financing options.
Carsome plans to use the money to expand into new Asian markets, name-dropping the Philippines as one potential opportunity.
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