Carro raises $360 million

Carro, one of the largest automotive marketplaces in Southeast Asia, announced a $360 million Series C funding round led by SoftBank Vision Fund 2. Other participants include MSIG,  a member of MS&AD, a Japanese insurance company.

Founded in 2015, Carro started as an online marketplace for cars, before expanding into more verticals. The startup now offers insurance, financing, and repairs.

Late last year, Carro and MSIG announced a usage based insurance product where drivers in South East Asia will receive tailored insurance policies and pricing that reflect their actual driving behavior.

“This is a huge milestone for us. We are grateful for the strong support from our investors, which reaffirms our belief in the transformative power of AI in the automotive industry to deliver exceptional customer experience. As digitalization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro.” – Aaron Tan, CEO and founder of Carro.