Carsome, a Kuala Lumpur, Malaysia-based C2B used car platform, rasied $6m in funding.
The round was led by Gobi Partners with participation from Lumia Capital, Innoven, 500 Startups and Spiral Ventures.
Founded by Eric Cheng and Jiun Ee Teoh in 2015, Carsome is an online used car auction platform that provides users with tools and services to sell used cars.
The solution allows consumers to get a free online valuation, receive free inspection services, and then have their car immediately listed on a virtual auction platform, where over 1,500 used car dealerships can compete to buy the car. The process ensures that the sellers get the best price on their car and get paid immediately.
Carsome’s annualized gross revenue stands at approximately US$30m. The company has a staff of over 100 in Malaysia, Singapore, Thailand and Indonesia, the four countries where they currently have operations.
The company plans to use the new funds to further expand regionally, while also launching more inspection outlets across the four countries, with a primary focus on Indonesia, Malaysia and Thailand.
The four country site are: