Carousell sets sights on machine learning after raising S$113m
Singapore marketplace app Carousell has concluded yet another successful round of funding, this time securing S$113 million in Series C.
Co-led by Rakuten Ventures and EDBI, this latest funding call was answered by existing investors, namely 500 Startups, Golden Gate Ventures and Sequoia India, as well as a new investor in DBS.
Carousell’s most recent fundraising effort was in August 2016, during which it raised S$47 million in Series B.
According to founder and CEO Siu Rui Quek, the capital injection will accelerate its product innovation to reimagine classifieds marketplaces in an artificial intelligence (AI)-first world. A key component will be a significant investment in talent and deep technology capabilities to elevate the platform.
“The investment will enable us to continue building up our teams with top-tier talent to accelerate our development of highly anticipated features, and more AI and machine learning capabilities,” says Siu.
Last year, the app began to utilise artificial intelligence, with the launch of predictive features like Smart Listings, personalised browsing, and chatting experiences.
Over the years, Siu says the company has also gained a wealth of insight into the problems both buyers and sellers face. As such, the newfound cashflow will allow its teams to focus on “solving these problems with technology and catering to local cultural norms and behaviours in Southeast Asia”.
Since August 2016, Carousell has quadrupled in volume globally, featuring more than 144 million listings and 50 million items sold.