Companies based in the region raised $7.6 billion in funding in the first half of 2019, according to a report by Singapore’s state investment firm Temasek, Google, and management consultancy Bain & Company.
With more than a third of the world’s 331 unicorns – or firms valued at $1 billion or more – based in Asia, here is a look at the eight entrepreneurial success stories that caught the attention of venture capital investors this year.
The online marketplace, founded in Singapore in 2012, agreed to merge with a subsidiary of Norwegian telecommunications firm Telenor Group in late November. The combined company is now a step closer to unicorn status, having been valued at more than $850 million.
Carousell will absorb Telenor’s 701Search, which owns online marketplaces Mudah in Malaysia, Cho Tot in Vietnam, and OneKyat in Myanmar. This adds Vietnam and Myanmar to Carousell’s current markets of Singapore, Malaysia, Indonesia, the Philippines, Hong Kong and Taiwan.
Carousell was valued at more than US$550 million in April, when South African e-commerce group Naspers bought a stake in the company. Its previous backers include venture capital firms Rakuten Ventures, Sequoia Capital, 500 start-ups and Golden Gate Ventures.
Chief financial officer Rakesh Malani has said Carousell will remain unprofitable after the merger, though he declined to reveal bottom line figures to Singaporean media. Regulatory findings, however, show that Carousell made a net loss of $25 million last year.
Read more here
Join us February 26-27 for the Property Portal Watch Conference Bangkok 2020.