Carsome, a Malaysia-based marketplace for trading users cars, has closed a new $50 million financing round to fend off its rivals and grow its business in Southeast Asian markets.
Existing investors including Gobi Partners and Convergence Ventures also participated in the round, which pushes four-year-old startups’s total raise to date to $85 million.
Carsome operates one of the largest car trading platforms in Southeast Asia, connecting individuals who wish to sell cars with dealers. The startup is today operational in Malaysia, Indonesia, and Thailand and claims its platform sees more than 40,000 cars worth more than $300 million trade on the platform.
The startup, which employs about 700 people and has been used by more than 6,000 dealers, also offers dealers and sellers with financing options.
Carsome uses an online auction model to conduct sales, with prospective cars typically listed the day after they are submitted by consumers following a check-up conducted by the startup’s staff.
The startup, which competes with a number of players including Carro in Singapore, BeliMobilGue in Indonesia, and Carmudi, plans to use the fresh capital to expand to more markets in Southeast Asia such as the Philippines.