Singapore startup Carousell has raised $112 million in Series C funding to invest in AI

Singaporean e-commerce startup Carousell has raised $US85 million ($112.4 million) in its series C funding round, and will use the cash to bring artificial intelligence into the world of classified ads.

Founded in 2012, Carousell is a community marketplace app intended to make buying and selling items as easy as possible. It launched in Australia in late 2016, and also has operations in Malaysia, the Philippines, Indonesia, Taiwan and Hong Kong.

This latest funding round was co-led by an existing shareholder, Rakuten Ventures, and a new investor, EDBI, the investment arm of Singapore’s Economic Development Board.

Singaporean bank DBS also came on board as a new investor, and other repeat backers included 500 Startups, Golden Gate Ventures, and Sequoia India.

The round follows Carousell’s $US35 million ($46.3) Series B raise, completed in August last year. The start-up has raised $US111 million ($146.8 million) to date.

In Singapore, Carousell has already expanded its offerings to include marketplaces for higher-value items such as cars, property, services and finance.

In a statement, Carousell said it will put the capital toward product innovation, “to reimagine classifieds in an AI-first world”. The funds will also go towards expanding the product’s reach internationally.

DBS will also be collaborating to offer financial products and payment services on the Carousell platform.

NOW READ: Rewards startup Cashrewards locks in $5.25 million capital raise despite “a bit of a hitch” last minute