Malaysia's Carsome raises $2 million in series A funding

The investment is backed by existing investors IdeaRiverRun and 500 Startups, plus Japan's IMJ Investment Partners, reports Tech in Asia

Carsome Founders

Image via Tech in Asia

Carsome today announced that it secured a $2 million series A funding round from existing investors IdeaRiverRun of Malaysia and 500 Startups, plus Japan’s IMJ Investment Partners.

The Kuala Lumpur-based startup, which is present in Malaysia, Singapore, and Australia, will use the money to expand to Indonesia and Thailand, with the funds to be spent for marketing activities and hiring more staff.

“Southeast Asia is a key market for us and we are committed to growing Carsome’s presence within this region,” notes co-founder and CEO Eric Cheng.

Established in February 2015, Carsome began as a platform offering the ability to compare prices and features of new vehicles from various dealers and complete a purchase online.

Since securing $350,000 in seed funding last year, the company has grown its services to include other aspects of the car buying process.

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Carsome has launched a car selling service where owners can access information on used car market valuations transparently and sell their cars in less than 24 hours. Transfer of ownership and payment happen all in one day. Carsome takes care of inspecting the cars and putting them up for bidding among its network of certified dealers. This, in turn, assures dealers of a constant supply of thoroughly inspected vehicles. Soon, Carsome will offer its users the ability to also buy used cars.

Malaysia's Carsome raises $2 million in series A funding
Carsome does not require dealers to pay listing fees. Instead, it charges them based on sales made through the site. 
At present, Carsome has seen over $5 million spent by car buyers. The company aims to grow this tenfold and reach profitability by the end of 2016.

This is an excerpt from Tech in Asia. You can read the full article here.

First Published: Mar 02 2016 | 4:23 PM IST

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