This article first appeared on Tech In Asia, written by Miguel Cordon.
Singapore-based wholesale automotive marketplace Carro has raised an additional US$30 million on top of an earlier US$60 million in an extended series B round. The money will help fund the acquisition of Indonesian consumer-to-consumer marketplace Jualo.
New investors SoftBank Ventures Asia, EDBI, Dietrich Foundation, Ncore Ventures, and Hanwa Asset Management participated in the round, alongside existing investors Insignia Ventures, B Capital Group, Singtel Innov8, Golden Gate Ventures, and Alpha JWC.
The round pushed Carro’s total capital raised in three years of operations to over US$100 million, it said in a statement.
Its acquisition of Jualo, which is part of the company’s wider expansion plan across Southeast Asia, will “further boost the reach of our proprietary technology platform” in the region, said Carro CEO and founder Aaron Tan.
Founded in 2013, Jualo connects private and professional sellers to buyers of new and used goods, including cars, motorcycles, property, fashion, and electronics.
Over the past year, Carro has been “aggressively” expanding in Indonesia and Thailand. The company claims to have grown by 100% month on month in both markets as a result of its expansion strategy.