Carsome raises $50M for its used-car sales platform in Southeast Asia [TechCrunch Blog]
DAIWA SECS GROUP S/ADR (DSEEY)
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Source: TechCrunch Blog
Carsome, trading users cars The new financing round, dubbed Series C, was funded by MUFG Innovation Partners (MUIP), the corporate venture capital arm and a wholly-owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), Daiwa PI Partners, the private equity arm of Japan’s securities group Daiwa Securities, Endeavor Catalyst, Existing investors including Gobi Partners The startup, which employs about 700 people and has been used by more than 6,000 dealers, also offers dealers and sellers with financing options. Carsome uses an online auction model to conduct sales, with prospective cars typically listed the day after they are submitted by consumers following a check-up conducted by the startup’s staff. That approach allows dealers to check in at a set time each day to look over the cars on offer, while the focus on vetting autos quickly — Carsome can dispatch vehicle checkers directly to a prospective seller’s home — means that consumers can quickly get a sale. The auction model add
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