Hubert Burda Media today announced a follow-on investment in Carsome, Southeast Asia’s largest integrated car e-commerce platform. Burda’s growth capital arm BurdaPrincipal Investments (BPI) participated in the US$30 million funding round (Series D), one of the largest all-equity financings to-date in Southeast Asia’s online automotive industry, which was led by Asia Partners. Carsome will use the capital to strengthen its existing regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate its already successful new offering in the business-to-consumer (B2C) segment. BPI has been invested in Carsome since 2018.
“Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing Covid-19 pandemic on consumer behavior across our region. Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses.”
Eric Cheng, Co-founder and Group CEO of Carsome
“Carsome’s integrated approach is very impressive and we appreciate the way Carsome has continued to support car sellers and dealers through the pandemic. We look forward to continuing working closely with Eric and his team in further scaling the business across the region.”
Albert Shyy, the Singapore-based Managing Director of Asia for BurdaPrincipal Investments
Read more here.
