Carousell scoops up $10m from Temasek-backed Heliconia

“Temasek unit Heliconia Capital has pumped US$10 million into classifieds platform Carousell, at the same US$1.1 billion valuation of the startup’s funding round in September,” The Business Times reported.

Details:

• Citing regulatory filings, Carousell sold roughly 577,000 shares to Heliconia through its vehicle Orchid 3 Investments VCC at US$17.30 apiece. The raise was previously reported by DealStreetAsia.
• The new capital follows Carousell’s US$100 million fundraise in September, a round that brought its valuation to over US$1 billion.

Dive deeper:

• Heliconia’s US$10 million bet comes after Carousell co-founder and CEO Siu Rui Quek said that the startup plans to double down on its “recommerce efforts.” A few weeks later, Carousell announced its acquisition of Ox Street, a Singapore-based marketplace for buying and selling sneakers. (Read: Unpacking Carousell’s next big move: recommerce)
• It’s also been reported that Carousell’s eyeing a debut on the US stock market through a merger with a blank-check company, a deal that could push its valuation to about US$1.5 billion.