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. 

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Related Contacts
Matthew Bartus  Partner San Francisco, Singapore, Palo Alto
Patrick Loofbourrow  Partner Singapore, Shanghai, San Diego
Xinwei Li  Associate Singapore