What is Carro?
Founded in 2015, Carro operates as a full-stack automotive marketplace, revolutionizing the traditional car buying and selling experience through technology and a transparent approach. Leveraging a proprietary pricing algorithm, Carro offers a trustworthy platform that encompasses all facets of car ownership. Its services include in-house financing solutions, after-sales support such as Singapore's first on-demand roadside recovery, and innovative flexible ownership models like Singapore's first car subscription service. This integrated model aims to provide a seamless and comprehensive experience for car owners.
How much funding has Carro raised?
Carro has raised a total of $547.3M across 5 funding rounds:
Angel/Seed
$5.3M
Series A
$12M
Series B
$60M
Debt
$110M
Series C
$360M
Angel/Seed (2016): $5.3M with participation from Alpha JWC Ventures, Skystar Capital, Golden Gate Ventures, Venturra, GMO VenturePartners, and Singtel Innov8
Series A (2017): $12M led by Golden Gate Ventures, Venturra, GMO, Singtel Innov8, Alpha JWC, and Skystar Capital
Series B (2018): $60M supported by Golden Gate Ventures, SoftBank Ventures Korea, Venturra, Insignia Ventures, Manik Arora, Singtel Innov8, Alpha JWC, and B Capital Group
Debt (2020): $110M, investors not publicly disclosed
Series C (2021): $360M backed by SoftBank Vision Fund 2, MSIG Insurance, and EV Growth
Key Investors in Carro
Golden Gate Ventures
Golden Gate Ventures is a leading venture capital firm specializing in early-stage investments across Southeast Asia, focusing on high-growth sectors like consumer internet, e-commerce, and fintech. They provide capital, strategic guidance, and a strong network to their portfolio companies.
Singtel Innov8
Singtel Innov8 is the corporate venture capital arm of Singtel, a major telecommunications company. They invest in innovative technology startups, particularly in areas like fintech, digital media, and enterprise solutions, leveraging Singtel's extensive network and resources.
Venturra
Venturra is a venture capital firm focused on Southeast Asia, investing in early-stage, high-growth technology-enabled businesses that aim to redefine industries. They support ambitious startups with capital and strategic insights into the digital ecosystem.
What's next for Carro?
The substantial enterprise-level funding and recent strategic investment signal Carro's maturity and its ambition to scale its operations significantly. This capital injection is likely to be directed towards enhancing its technological infrastructure, expanding its geographical reach within Southeast Asia, and further developing its integrated service offerings. Carro's focus on a full-stack approach positions it to capture a larger share of the automotive market by addressing customer pain points across the entire ownership lifecycle, from purchase to after-sales and financing.
See full Carro company page
