Singapore-based Carousell Continues Growth With Latest Investment

Singapore – September 16, 2020 – Cooley advised Carousell on an investment led by Naver with a total deal size of US$80 million, and valuing the Singapore-based classifieds marketplace at more than US$900 million. The investment consortium also included Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities. Cooley partners Matthew Bartus – co-chair of Cooley’s global emerging companies practice and co-founder of the firm’s Singapore office – and Patrick Loofbourrow headed the team advising Carousell. 

The latest round signals continued confidence in Carousell’s growth and mission relevance, with the acceleration of ecommerce adoption with shoppers moving online, selling more “preloved” items and supporting their local communities during this global pandemic.

“It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on,” Quek Siu Rui, co-founder and CEO of Carousell, said in a news release. “Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep heads down focused in serving our community.” 

Launched in August 2012, Carousell began in Singapore and is now one of the world's largest and fastest growing marketplaces, operating in eight markets across Southeast Asia, Taiwan and Hong Kong. During the COVID-19 pandemic, Carousell has stepped up as an essential platform for its users – including regional initiatives such as providing US$2 million worth of free ads to nonprofit organizations, launching a new free item category as part of a campaign to donate items to users in need and partnering with government agencies. 

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law. 

Cooley has 1,100+ lawyers across 16 offices in the United States, Asia and Europe.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.