Business of Fashion has reported that Singapore’s Carousell has raised 100 million dollars for regional expansion. Carousell Group includes C2C marketplace Carousell, Vietnam’s Chotot, and Malaysia’s Mudah. The latest round of funding was led by South Korean private equity firm STIC, bringing Carousell’s valuation to 1.1 billion dollars according to Inside Retail.
Carousell will use the investment to expand its presence across Southeast Asia. In addition to Singapore, Vietnam, and Malaysia, Carousell also has a presence in Taiwan and Hong Kong.
Carousell is a mostly secondhand marketplace for products ranging from fashion to cars. The company plans on using the latest round of investment to make the business of buying secondhand more secure to shore up consumer confidence in their platforms.