Carro, one of the largest marketplaces to buy and sell vehicles in Southeast Asia, is now valued over $1 billion after their recent fundraise.

The company has just raised $360 million in Series C funding, led by SoftBank's Vision Fund 2.

Key Highlights

• Founded in 2015, Carro started as an online marketplace to buy and sell cars, eventually expanding to other vehicles.
• The company has now reached "unicorn" status after raising $360 million from SoftBank Vision Fund 2.
  
• Carro currently employs over 1,000 people across 4 countries, with revenues growing more than 2.5x (fiscal year ending in March 2021).
• Carro's last funding round (Series B) was $90 million, back in August 2019.

Why It Matters

• Carro continues its aggressive expansion across the region, previously acquiring MyTukar in Malaysia.
  
• Over 90% of vehicles sold on Carro are secondhand.
• The effects of the global pandemic and the adoption of electric vehicles have also propelled more people to sell their existing vehicles.
• Carro is also in talks with some of the largest electric vehicle companies to expand into Southeast Asia