Sequoia leads $6 million investment in Singaporean mobile marketplace app

Reuters News
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Posted: Nov 26, 2014 10:04 PM

SINGAPORE (Reuters) - Sequoia Capital has led a $6 million investment in Singapore's Carousell, a mobile marketplace app, the firms said on Thursday, highlighting growing investor interest in mobile-based services in the region.

The other investors in the current round of funding include Rakuten Ventures, the venture capital fund of Japanese e-commerce company Rakuten Inc, and Golden Gate Ventures.

Carousell allows sellers to list an item for sale by taking a photo. Buyers can purchase items by chatting with sellers via an in-built private chat messenger.

Carousell said the funding will be used to accelerate international expansion to countries such as Malaysia, Indonesia and Taiwan.

Earlier this week, Rakuten invested $10 million in Singapore's PocketMath, a mobile advertising platform, in what was the biggest single investment by Rakuten Ventures to date.

(Reporting by Aradhana Aravindan; Editing by Stephen Coates)