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The Rakuten-backed company faces stiff competition in the vertical, specifically from Garena’s Shoppee
In one of the largest fund raising rounds for the city in 2016, the Singapore based P2P mobile marketplace announced today it has raised a US$35million Series B.
The deal was led by Rakuten Ventures with participation from Sequoia India, Golden Gate Ventures and 500 startups.
“We will remain focused on nurturing a vibrant Carousell community, and use the latest technology to offer them an intuitive user experience,” said Siu Rui Quek, Co-founder and CEO of Carousell in an official statement.
“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 more enjoyable experience,” he added.
Also Read: Carousell aims to stand out by tackling over-consumerism in the developed world
The company is in 13 cities including a recent launch in Hong Kong.
While Carousell does face stiff competition in the vertical — specifically from the Garena-built P2P mobile marketplace Shopee — it benefits from ‘first-mover’ advantage and has its roots in the early days of the Singapore startup scene when it started in 2012.
The company claims 35 million listings with more than 70 listings per minutes. It also compares its engagement favorably with major mobile apps like Instagram — pointing out that both have an average engagement rate of 17 minutes per day.
“When RV (Rakuten Ventures) first invested in Carousell, it was a scrappy and hungry group of founders determined to change the way people transact with one another in the 21st century. We now see their vision and this want for interaction shared by vast groups of people not only in Singapore but also in countries like Indonesia, Taiwan and Hong Kong,” said Saemin Ahn, Managing Partner of Rakuten Ventures, in a statement.
Also Read: Carousell hires Airbnb rockstar to take charge of international growth
People can sell a variety of objects on Carousell like cars, lifestyle, gadgets, and fashion accessories.
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