Singapore’s Carousell Raises $100 Million at $1.1 Billion Value

Yoolim Lee, Bloomberg News

The Carousell Pte logo is displayed on a smartphone in an arranged photograph in Singapore, on Thursday, May 24, 2018. Six-year-old Carousell operates in seven markets including Singapore, Hong Kong and Australia and is one of the region's most popular virtual flea markets. Photographer: Ore Huiying/Bloomberg , Bloomberg

(Bloomberg) -- Carousell Pte, a Singapore-based online classifieds marketplace operator, raised $100 million in a round led by South Korean private equity firm STIC Investments.

The investment brings Carousell’s valuation to $1.1 billion, according to a statement from the company on Wednesday.

Carousell is joining a growing list of unicorns, or private companies valued at more than $1 billion, in Singapore. The startup was founded in 2012 and now counts Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India among its backers. The marketplace has since expanded to eight markets across Southeast Asia, Taiwan and Hong Kong, allowing users to buy and sell a diverse range of products including cars, lifestyle, gadgets and fashion accessories.

Read more: Singapore’s Carousell Is Said to Explore U.S. Listing Via SPAC