Carsome, one of the most popular used-car marketplaces from Malaysia, has just raised $170 million in a new funding round.
The new round brings Carsome's valuation to over $1 billion.
- Carsome is now Malaysia's latest unicorn startup company, valued at $1.3 billion after this funding round.
- The new round was participated by both new and returning investors, the most notable ones being Taiwanese chipmaker MediaTek, and "one of the largest sovereign wealth funds from the region", according to the company.
- The new funds will be used for both expansion and acquisitions.
Why It Matters
- Prior to this, Carsome has raised over $100 million across its previous funding rounds.
- Carsome is expected to bring in $1 billion in revenue for 2021, according to CFO, Juliet Zhu.
- Moving forward, Carsome is looking towards an IPO that could value the company north of $1.7 billion.
- CFO Juliet Zhu added that Carsome is considering listing in the United States within the next 12 months via an SPAC.