Carousell lands USD800,000 in funding for Southeast Asia expansion
Singaporean marketplace mobile app Carousell netted USD800,000 in a seed funding round led by Rakuten. Golden Gate Ventures, 500Startups, and angel investors Darius Cheung and Danny Oei Wirianto also participated in the round. This was according to a report published by Singapore Business Review.
Carousell is a mobile consumer-to-consumer marketplace app for pre-loved or brand new items. Users can take a photo of an item for sale and sell them through a list on Carousell. The mobile app will use the new capital for the expansion in Southeast Asia and development of its product. Carousell said it will focus on Indonesia and Malaysia for the meantime, the report said.
Quek Siu Rui, co-founder of Carousell, said most of the app's users are 16 to 34 years old. Each user spends an average of 25 minutes per day on the mobile marketplace, the report stated.
The Singapore-based company has formed strategic partnerships with other marketplace apps including SheShops Marketplace and women's lifestyle network herworldPLUS, Singapore Business Review reported.