Funding round
CARSOME Series C
CARSOME, which works in used car marketplace services in Petaling Jaya, raised $50M in a Series C round announced on 11 Dec 2019, led by MUFG Innovation Partners, Daiwa PI Partners, Endeavor and Ondine Capital. 6 firms took part, 2 of them already investors. It is CARSOME's fourth venture round on record; the one before was a Bridge in Aug 2018.
$50M
Amount raised
Not disclosed
Post-money valuation
6
Investors
4 leads
Valuation
What this round says about the price
CARSOME did not disclose a valuation in this round. It came 16 months after CARSOME's Bridge. It is 13% of the $399M CARSOME has raised in the venture rounds on record. CARSOME raised again 12 months later: a Series D round of $30M in Dec 2020. Its next priced round, a Series E in Jan 2022, valued it at $1.70B.
CARSOME's funding rounds
CARSOME has 6 venture rounds on record and 3 other deals. This one is highlighted.
- Series A 2 Mar 2016, led by IdeaRiverRun $2.0M
- Other not a venture round 6 Jun 2017, led by Gobi Partners $6.0M
- Series B 8 Mar 2018, led by Burda Principal Investments $19M
- Bridge 1 Aug 2018, led by Family office of Joe Hirao $8.0M
- Series C this round 11 Dec 2019, led by MUFG Innovation Partners, Daiwa PI Partners and Endeavor $50M
- Series D 8 Dec 2020, led by Asia Partners $30M
- Debt not a venture round 1 Sep 2021 $30M
- Series E 31 Jan 2022, led by Qatar Investment Authority $290M$1.70B post-money
- Debt not a venture round 16 Jul 2025 $15M
Investors
Who put money in
MUFG Innovation Partners, Daiwa PI Partners, Endeavor and Ondine Capital led the round with 2 other firms. Gobi Partners and Convergence Ventures had backed CARSOME before.
Lead investors
- MUFG Innovation Partners new investor
- backs 5 venture-backed companies new investor
- Endeavor backs 236 venture-backed companies new investor
- backs 8 venture-backed companies new investor
Also in the round
- backs 56 venture-backed companies existing investor
- Convergence Ventures existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, sales and marketing, scaling operations and working capital.
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
5 Series C rounds in Automobile Dealers & Manufacturers within a year either side disclosed an amount; the median was $52M, and this round was close to the median. The closest in time, other companies' Series C rounds in Automobile Dealers & Manufacturers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| CARSOME Automobile Dealers & Manufacturers | 1 Dec 2019 | $50M | not disclosed | MUFG Innovation Partners and Daiwa PI Partners |
| Automobile Dealers & Manufacturers | 1 Jan 2020 | $52M | not disclosed | not named |
| CarDekho Automobile Dealers & Manufacturers | 1 Aug 2019 | $129M | not disclosed | India Mobility Holdings |
| Automobile Dealers & Manufacturers | 8 Jul 2020 | $50M | not disclosed | Moore Strategic Ventures, LLC |
| WM Motor Automobile Dealers & Manufacturers | 8 Mar 2019 | $446M | not disclosed | Baidu |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did CARSOME raise in its Series C round?
CARSOME raised $50M in its Series C round, announced in Dec 2019.
Who led CARSOME's Series C round?
MUFG Innovation Partners, Daiwa PI Partners, Endeavor and Ondine Capital led it, with Gobi Partners and Convergence Ventures.
What was CARSOME's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Automobile Dealers & Manufacturers?
5 Series C rounds in Automobile Dealers & Manufacturers within a year either side disclosed an amount; the median was $52M, and this round was close to the median.
Did CARSOME raise again after this round?
Yes: a Series D round in Dec 2020 of $30M.