Carmudi- one of the most well-funded startups in Southeast Asia
Carmudi, the leading online car classifieds in the Philippines, has been dubbed one of the most “well funded” startups in Southeast Asia, shortly after obtaining $25 million in a recent funding round last February. To date, the global vehicle marketplace has gained a total of $35 million in total venture capital investments from firms such as Asia Pacific Internet Group, Holtzbrinck Ventures and Tengelman Ventures.
Operations now focused in Asia
This is the second time that Carmudi has grabbed a significant chunk of funding after getting $10 million last April 2014. A huge portion of the current war chest is appropriated to its operations in Asia where it is active in six other countries aside from the Philippines. Carmudi is also present in Myanmar, Indonesia, Pakistan, Vietnam, Bangladesh and Sri Lanka.
Carmudi is currently the largest vertical car classifieds in the country with close to 25,000 vehicle listings and receives close to 600,000 visitors a month.
Crucial Funding for Asia
“This funding will be crucial in boosting our operations in Asia and Latin America. Our goal is to be the No.1 car classifieds platform in all our markets. There are over 300 million active internet users that we are aiming to tap into in these markets. We want to make sure that we bring them the best experience of car shopping on their laptops and mobile phones,” said Stefan Haubold, co-founder and Global Managing Director of Carmudi.
Lazada, another Rocket Internet-backed venture, topped the list of the 15 best funded start-ups in the region with $686 million being invested in the company. Fashion and lifestyle store Zalora lands at number four with $238 million in its purse.
Below is an infographic from TechinAsia showing the largest startups in the Southeast Asian region:
Profile of Carmudi’s Investors
The Asia Pacific Internet Group (www.apacig.com) is a joint venture of Rocket Internet and Ooredoo. The group’s network consists of 13 e-commerce and online marketplace companies, operating across 15 countries. Since it was founded in 2014, APACIG has become the leading online platform in Asia, building top internet companies in the region.
About Holtzbrinck Ventures
HV Holtzbrinck Ventures has been investing in internet companies for over ten years, primarily during their start-up phase. In this time, Holtzbrinck Ventures has financed over 120 companies and has established itself as one of the few venture capital firms that has also founded market leading internet companies. Today Holtzbrinck Ventures is one of Europe’s most successful early-stage investors in the internet sector, with investments in some of the internet’s biggest companies including Zalando, Wooga, Groupon, Westwing, Experteer, Dreamlines, Lazada, Flixbus, Quandoo, Lendico, Outfittery, Delivery Hero and Brands4Friends.
About Tengelmann Group
Tengelmann Group (www.tengelmann.de) is an international operating retail company whose business interests are spread across a number of different industries. Subsidiaries include OBI, KiK, Kaiser’s Tengelmann, Tengelmann e-stores, TREI Real Estate as well as Tengelmann Ventures, one of Germany’s leading Venture Capital Companies which has invested in over 40 fast growing start-ups worldwide. The family-owned business was established in 1867 in Mülheiman der Ruhr and is currently managed by its fifth generation. Tengelmann Group is running over 4,000 stores in 15 different countries and employing more than 80,000 people. The group’s annual turnover totals EUR 11bn.