{"id":13119,"date":"2021-06-15T10:49:25","date_gmt":"2021-06-15T02:49:25","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=13119"},"modified":"2025-11-05T17:37:21","modified_gmt":"2025-11-05T09:37:21","slug":"press-release-carro-achieves-unicorn-status","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/press-release-carro-achieves-unicorn-status\/","title":{"rendered":"Singapore&#8217;s CARRO achieves &#8216;unicorn&#8217; status, raises S$477 million in Series C Funding led by SoftBank Vision Fund 2"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13121\" src=\"https:\/\/carro.sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" title=\"\" srcset=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-scaled.jpg 2560w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-300x200.jpg 300w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-1024x683.jpg 1024w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-768x512.jpg 768w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-1536x1024.jpg 1536w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2021\/06\/0Z3A4107-1-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/h2>\r\n<ul>\r\n \t<li>Carro becomes Southeast Asia's first automative marketplace unicorn in 5 years<\/li>\r\n \t<li>Investors include SoftBank Vision Fund 2, EV Growth and others<\/li>\r\n \t<li>Carro will double down on expansion in Thailand and Indonesia, enhance their financial services business, and invest further in artificial intelligence (AI) capabilities<\/li>\r\n<\/ul>\r\n<strong>Singapore, 15 June 2021 \u2014\u00a0<\/strong>Carro, Southeast Asia's largest automotive marketplace, today announced that it has raised SG$477 million in a Series C funding round led by SoftBank Vision Fund 2, making it the first automotive marketplace unicorn in Southeast Asia. Notable investors in this new round of financing include several prominent Indonesian based funds including EV Growth.\r\n\r\n\u201cThis is a huge milestone for us. We are grateful for the strong support from our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experience. As digitalisation shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro.\u201d <strong>said Aaron Tan, CEO and Founder of Carro.<\/strong>\r\n\r\nCarro will use the funds to strengthen its market position and expand its retail offering across Indonesia, Thailand, Malaysia, and Singapore \u2013 markets that have seen significant growth in the past year. Carro will also enhance its portfolio of financial services by expanding beyond in-house loan financing, as well as accelerate development of its AI capabilities.\r\n\r\n\u201cCarro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, Carro\u2019s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,\u201d said Greg Moon, Managing Partner of SoftBank Investment Advisers. \u201cWe are delighted to partner with Aaron and the Carro team to support their ambition to expand into new markets and use AI-powered technology to make the car buying process smarter, simpler, and safer.\u201d\r\n\r\nSoftBank Group first invested in Carro through SoftBank Ventures Asia, its venture capital arm, in 2016 and has continued to support Carro\u2019s growth initiatives through the years.\r\n\r\nCarro provides a full-stack service for all aspects of car ownership and uses AI-powered technology to transform the car buying and selling experience. It has pioneered innovative services such as Singapore\u2019s first contactless car purchase service, first car subscription service and the first region-wide behaviour and usage-based car insurance. Carro closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second year running. Carro was also named Asia Pacific\u2019s fastest growing company in 2021 by The Financial Times and Statista.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>More in other media:\u00a0<\/strong>\r\nBloomberg: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-15\/singapore-s-carro-is-a-unicorn-with-360-million-led-by-softbank\" rel=\"nofollow noopener\" target=\"_blank\">Singapore\u2019s Carro Is a Unicorn With $360 Million Led by SoftBank<\/a>\r\nThe Business Times: <a href=\"https:\/\/www.businesstimes.com.sg\/garage\/carro-eyes-ipo-after-softbank-led-us360m-unicorn-round\" rel=\"nofollow noopener\" target=\"_blank\">Carro eyes IPO after SoftBank-led US$360m unicorn round<\/a>\r\nCNBC: <a href=\"https:\/\/www.cnbc.com\/2021\/06\/15\/singapore-start-up-carro-raises-360-million-from-softbank-and-others.html\" rel=\"nofollow noopener\" target=\"_blank\">Singapore start-up Carro bags $360 million in funds from SoftBank and others<\/a>\r\ne27: <a href=\"https:\/\/e27.co\/carro-raises-us360m-series-c-to-be-the-first-automotive-marketplace-unicorn-in-sea-20210614\/\" rel=\"nofollow noopener\" target=\"_blank\">Carro becomes unicorn following US$360M Series C raise, plans to go public in 18-24 months<\/a>\r\nNikkei Asia: <a href=\"https:\/\/asia.nikkei.com\/Business\/Finance\/SoftBank-supercharges-Singapore-s-Carro-to-unicorn-status\" rel=\"nofollow noopener\" target=\"_blank\">SoftBank supercharges Singapore's Carro to unicorn status<\/a>\r\nReuters: <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/singaporean-automotive-marketplace-carro-says-raises-360-mln-become-unicorn-2021-06-15\/\" rel=\"nofollow noopener\" target=\"_blank\">Singaporean automotive marketplace Carro says raises $360 mln to become unicorn<\/a>\r\nTechCrunch: <a href=\"https:\/\/techcrunch.com\/2021\/06\/14\/automotive-marketplace-carro-hits-unicorn-status-with-360m-series-c-led-by-softbank-vision-fund-2\/\" rel=\"nofollow noopener\" target=\"_blank\">Automotive marketplace Carro hits unicorn status with $360M Series C led by SoftBank Vision Fund 2<\/a>\r\nTechinAsia: <a href=\"https:\/\/www.techinasia.com\/alibaba-cars-singapore-unicorn-softbankled-360m-injection\" rel=\"nofollow noopener\" target=\"_blank\">\u2018Alibaba of cars\u2019 becomes next Singapore unicorn after SoftBank-led $360m injection<\/a>\r\nVulcanPost: <a href=\"https:\/\/vulcanpost-com.cdn.ampproject.org\/c\/s\/vulcanpost.com\/749091\/carro-raises-us360m-achieves-unicorn-status\/amp\/\" rel=\"nofollow noopener\" target=\"_blank\">S\u2019pore startup Carro hits unicorn status after raising US$360M funding, also eyeing IPO<\/a>\r\n\r\n&nbsp;","protected":false},"excerpt":{"rendered":"<p>Carro becomes Southeast Asia&#8217;s first automative marketplace unicorn in 5 years Investors include SoftBank Vision Fund 2, EV Growth and others Carro will double down on expansion in Thailand and Indonesia, enhance their financial services business, and invest further in artificial intelligence (AI) capabilities Singapore, 15 June 2021 \u2014\u00a0Carro, Southeast Asia&#8217;s largest automotive marketplace, today &hellip;<\/p>\n","protected":false},"author":2,"featured_media":13123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-13119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/13119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=13119"}],"version-history":[{"count":2,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/13119\/revisions"}],"predecessor-version":[{"id":14423,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/13119\/revisions\/14423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/13123"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=13119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=13119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=13119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}