No lowballing as Carousell investors cash out

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Memes about lowballing buyers on Carousell are aplenty on the internet, but the company itself doesn’t partake in such tomfoolery. Following a series of acquisitions and investments, the Singapore-based classified ads marketplace is now valued at around US$900 million.

The deal also led to some secondary sale action, with seed and series A investors cashing out a portion of their shares for some sizable returns.

Today, we look at:

• The numbers and details behind this latest Carousell news, and what they indicate for the company’s future
• Digital wealth manager Syfe gets more money to help its users… get more money
• Other newsy highlights such as Luckin Coffee’s first fine and China’s unhappiness over the TikTok deal

Big money for Carousell and its early investors, employees

After several acquisitions and investments, including a US$80 million injection by a consortium led by South Korea’s Naver Corporation last week, Carousell is now valued at around US$900 million.

• Not just about the valuation: A behind-the-scenes secondary sale saw seed and series A investors cash out part of their shares with considerable returns. These investors include firms like Sequoia Capital, Rakuten Capital, and Golden Gate Ventures, among others.
• Eye-popping returns: An investor who put money into Carousell in 2013 would have been able to cash out a return of around 67x.
• Employee benefits: “A few million dollars” were also allocated to eligible staff as part of its employee stock option plan buyback program.
• The circle of (startup) life: The secondary sale is potential good news for the relatively young Southeast Asian startup ecosystem. Early investors can now recycle capital to fund new and innovative ventures.

Read more: Carousell’s early investors, employees cash out with big returns

Spreading the wealth

Syfe, a digital wealth manager based in Singapore, announced that it has closed US$18.6 million in a series A funding round led by US-based fund Valar Ventures.

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