When you hear the term “Unicorn”, you’re more likely than not to think of this particular animal:
But for those in the entrepreneurship circle, “Unicorn” refers to more than just single-horned ponies:
It’s a badge of honour, one that cannot be attained without unimaginable hard work.
Carousell Now Valued At Over $1 Billion; Officially A Unicorn Company
Online classifieds marketplace Carousell is the latest to join the “unicorn” circle of start-ups, after securing US$100 million in its latest round of funding.
The unicorn circle comprises companies that are valued at more than US$1 billion. Notable examples include SpaceX, Telegram and Grab.
As of the current moment, Carousell is valued at US$1.1 billion.
They have certainly come a long way, having first set up here in 2012. They have since gone on to operate in a staggering eight markets across Asia.
In a media release, the newly-unicornised company said they will redefine commerce for secondhand goods and automobiles:
“The investment will power the group’s ambitions to redefine commerce for secondhand goods and automobiles in an increasingly digitally savvy, affluent and sustainability-conscious region.”
It should be noted that Korean private equity firm STIC Investments had led the recent round of funding, with STIC’s managing director Jason Cho joining Carousell’s board of directors in the process.
Cho has also expressed confidence in Carousell in a time when more “environmentally conscious consumers are shifting towards a circular economy”.
Carousell was previously backed by the likes of Telenor Group, Naver and Rakuten Ventures.
What Now?
With financial backing in place, Carousell is now delving into higher-value products such as luxury goods and cars.
“Our goal is to make transacting in a secondhand marketplace as convenient and trusted as any e-commerce platform so that secondhand can truly be the first choice,” said Carousell CEO Quek Siu Rui.
“Unicorn” Clubs
Defined as a privately held startup company with a current valuation of US$1 billion and more, unicorn companies have been covered by the likes of The Wall Street Journal and TechCrunch.
Current unicorns hail from a number of countries, with the likes of Lunar from Denmark and REEF Technology from the United States.
Some major entities such as Facebook, Alibaba and Twitter were formerly unicorns, but have since exited the list due to IPO or acquisitions.
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Other notable former unicorns include Deliveroo, LinkedIn and Google.
In other words, Carousell is now in the “big boys” club.
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Feature Image: Carousell
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