Carro, an online car marketplace based in Singapore, has raised $60 million in a funding round led by Japan’s sovereign wealth fund, Cool Japan Fund. The money will help boost demand for Japanese cars across the Asia Pacific.
The company said on Wednesday that several new investors also joined the funding round.
The company said the investment will be used to increase the demand for Japanese cars across the Asia Pacific, where Carro operates.
“Japanese automakers have always had a strong presence and historical dominance in the Asia Pacific,” said Carro Co-founder and Chief Executive Officer Aaron Tan.
Japanese cars continue to be reliable and trustworthy with their advanced automotive technologies, including fuel cell innovations, and superior safety features.
“We are confident we can increase the market share of Japanese plug-in hybrid electric vehicles (PHEV) in the time to come,” he added.
According to the statement, the overall demand for used cars and new PHEVs, especially in the Southeast Asian region is expected to grow, driven by anticipated economic expansion, the rise of the middle income population as well as government subsidies for electric vehicles (EVs) in countries like Indonesia and Thailand.
“Japanese cars hold a significant share of the used car market across Asia Pacific and we’re keen to cement our dominance,
“Through this investment in Carro, Cool Japan Fund aims to boost demand for Japanese cars in the region and reinforce their value by showcasing Japan’s advanced automotive technologies,” said Cool Japan Fund President, Chief Executive Officer and Chief Operating Officer, Kenichi Kawasaki.
Cool Japan Fund was founded in 2013 and is a government-backed private fund.
Its goal is to help Japan’s economy grow by increasing overseas demand and supply for Japanese products and services.
The fund invests in a variety of companies, including those in food and drinks, media and content, lifestyle, and travel.
Carro is the leading online automotive platform in the Asia Pacific region.
The unicorn startup sells over 100,000 new and used vehicles every year across seven markets. It is also a top provider of auto fintech services, digital car insurance, and after-sales services in the region.
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