Not on the High Street , the UK’s best-loved curated online marketplace for unique lifestyle products and thoughtful gifts, today announces it has been acquired by growth equity firm Great Hill Partners.
Hubert Burda Media today announced a follow-on investment in Carsome, Southeast Asia’s largest integrated car e-commerce platform. Burda’s growth capital arm BurdaPrincipal Investments (BPI) participated in the US$30 million funding round (Series D), one of the largest all-equity financings to-date in Southeast Asia’s online automotive industry, which was led by Asia Partners. Carsome will use the capital to strengthen its existing regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate its already successful new offering in the business-to-consumer (B2C) segment. BPI has been invested in Carsome since 2018.
“Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing Covid-19 pandemic on consumer behavior across our region. Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses.”
Eric Cheng, Co-founder and Group CEO of Carsome
“Carsome’s integrated approach is very impressive and we appreciate the way Carsome has continued to support car sellers and dealers through the pandemic. We look forward to continuing working closely with Eric and his team in further scaling the business across the region.”
Albert Shyy, the Singapore-based Managing Director of Asia for BurdaPrincipal Investments
Founded in 2015, Carsome has grown to employ more than 1,000 people and today transacts an annualized 70,000 cars totaling US$600 million in transacted value on its online platform. Building on its original foundation in Malaysia, one of Southeast Asia’s largest car markets, Carsome then launched its operations in Singapore, Indonesia, and Thailand, deepening its regional footprint.
BurdaPrincipal Investments (BPI) is the international growth capital arm of media and tech company Hubert Burda Media. BPI supports fast-growing digital companies in the technology and media industry with long-term growth capital. BPI’s investment portfolio comprises successful consumer internet companies in Europe, the USA, and Asia such as Etsy, Skillshare, Vinted, Bloom & Wild, Notonthehighstreet, and Zilingo. BPI is committed to advocating and promoting diversity and inclusion within BPI and its portfolio companies.