{"id":798,"date":"2020-09-21T00:00:00","date_gmt":"2020-09-21T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-92-carousell-valued-at-over-us900mil-after-investment-from-south-korean-internet\/"},"modified":"2021-07-23T07:39:58","modified_gmt":"2021-07-23T07:39:58","slug":"durians-daily-92-carousell-valued-at-over-us900mil-after-investment-from-south-korean-internet","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=798","title":{"rendered":"Daily Markup #92: Carousell valued at over US$900mil after investment from South Korean internet\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"491\" data-height=\"534\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1F1u5NmVdReoq-NJHZyBKMg.png\"><\/figure>\n<p><strong>Unicorn in the making<\/strong><\/p>\n<ul>\n<li>500-backed <a href=\"https:\/\/www.carousell.com.my\/\" target=\"_blank\" rel=\"noopener\">Carousell<\/a> is moving closer to unicorn status after it raised US$80 million in a funding round led by South Korea\u2019s Naver Corporation, bringing the company\u2019s valuation at over US$900 million, according to <a href=\"https:\/\/www.straitstimes.com\/business\/companies-markets\/carousell-to-surpass-12b-valuation-with-naver-investment\" target=\"_blank\" rel=\"noopener\">The Straits Times<\/a>.<\/li>\n<li>Naver Corp is the digital conglomerate behind the search engine Naver, often regarded as the \u201c<a href=\"https:\/\/searchengineland.com\/naver-the-google-of-south-korea-11627\" target=\"_blank\" rel=\"noopener\">Google of South Korea<\/a>\u201d. Naver also owns and operates LINE, a messaging platform with <a href=\"https:\/\/www.statista.com\/topics\/1999\/line\/\" target=\"_blank\" rel=\"noopener\">84 million active users<\/a>.<\/li>\n<li>\u201cWe are excited to work closely with Naver, a leader in mobile services and has industry-leading credentials in advanced technologies, as we continue our focus on using technology to make selling and buying even simpler, effective and more inspiring,\u201d said Quek Siu Rui, CEO and co-founder of Carousell.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"600\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da37ed66e.jpg\"><figcaption class=\"wp-caption-text\">Credit: EcomEye<\/figcaption><\/figure>\n<ul>\n<li>Launched in 2012, Carousell\u2019s presence spans over eight markets across Southeast Asia, Taiwan and Hong Kong, offering products across categories, including cars, lifestyle, gadgets, and fashion accessories.<\/li>\n<li>Before Naver, it raised <a href=\"https:\/\/www.techinasia.com\/carousell-raises-42m-classifieds-giant-olx\" target=\"_blank\" rel=\"noopener\">US$56 million<\/a> from Naspers-owned OLX Group and acquired OLX Group\u2019s Philippine operations in April last year.<\/li>\n<li>Then in November of the same year, it <a href=\"https:\/\/www.techinasia.com\/carousell-merges-701search\" target=\"_blank\" rel=\"noopener\">merged with 701Search<\/a>, a classifieds firm owned by Norwegian telco Telenor, and was valued at more than US$850 million.<\/li>\n<li>Congrats on this remarkable achievement, team Carousell!<\/li>\n<\/ul>\n<p><strong>Fresh funds and an Impossible partnership<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.abillionveg.com\/\" target=\"_blank\" rel=\"noopener\">abillionveg<\/a>, the 500-backed community-driven review platform helping people across the world find and share insights on plant-based menu items, packaged foods and cruelty-free consumer products, has closed <a href=\"https:\/\/www.greenqueen.com.hk\/plant-based-review-app-abillionveg-announces-us-3-million-pre-series-a-round-partnership-with-impossible-foods\/\" target=\"_blank\" rel=\"noopener\">US$3 million<\/a> in pre-Series A funding.<\/li>\n<li>Investors include Hong Kong\u2019s Nan Fung Group, CloudKitchens, and York Capital. Twitter\u2019s head of Asia-Pacific, Maya Hari, also invested and is acting as an advisor to the company.<\/li>\n<li>The fresh funds will be channelled into expanding its team based in Singapore, with a focus to attract engineering and product talent.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1500\" data-height=\"905\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da38675f3.jpg\"><figcaption class=\"wp-caption-text\">Credit: LiveKindly<\/figcaption><\/figure>\n<ul>\n<li>Accompanying the funding announcement are partnerships forged with Impossible Foods to help market its meat alternatives to thousands of F&amp;B establishments across Singapore.<\/li>\n<li>Chope, a restaurant booking platform, is also working closely with abillionveg to help Singaporeans select meat-free dishes at over 3,000 restaurants.<\/li>\n<li>Since launching two years ago, abillionveg\u2019s community has reviewed over 20,000 consumer products brands and 35,000 restaurants worldwide.<\/li>\n<li>\u201cWe\u2019re excited to welcome our new investors and work alongside Impossible Foods &amp; Chope to accelerate our mission of helping a billion people around the world make better choices for the planet,\u201d founder &amp; CEO Vikas Garg of these new developments.<\/li>\n<li>Congrats, Vikas and the rest of the ABV team!<\/li>\n<\/ul>\n<p><strong>Snack for good<\/strong><\/p>\n<ul>\n<li>When Walter Oh took the plunge by quitting his lucrative banking job to found a food startup, his parents, understandably, were not too pleased.<\/li>\n<li>However, Walter was adamant to not be trapped by golden handcuffs. And so, he and co-founder Andrew Lim started 500-backed <a href=\"https:\/\/www.boxgreen.co\/\" target=\"_blank\" rel=\"noopener\">BoxGreen<\/a> in 2014, a one-stop shop for healthy snacking options with many varieties to pick from on their platform. Their snacks boast of all natural ingredients, is portion controlled, and nutritionist approved.<\/li>\n<li>Scaling BoxGreen came with its share of heartaches and hardships, though. At one point, Walter thought of throwing in the towel. But three \u201caunties\u201d he had hired as packers stepped in, offering not just funds, but a new sense of purpose.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1280\" data-height=\"720\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da38e4d43.jpg\"><figcaption class=\"wp-caption-text\">Credit: The Straits\u00a0Times<\/figcaption><\/figure>\n<ul>\n<li>\u201cThe three aunties have been with us from the beginning, so I found alternative employment for them at a place which actually paid more. I even took them there. They thought about it, but told me they didn\u2019t want the job.<\/li>\n<li>\u201cThe next day, one of them offered us some funds to help us set up a proper facility. That was a turning point and although our business always had the \u201cdoing good\u201d element, we decided it had to focus on a social mission,\u201d Walter storied to <a href=\"https:\/\/www.straitstimes.com\/lifestyle\/doing-good-selling-snacks\" target=\"_blank\" rel=\"noopener\">The Straits Times<\/a> in an interview.<\/li>\n<li>Today, the three aunties are shareholders and supervisors of a packing facility.<\/li>\n<li>BoxGreen is now supported by the DBS Foundation, which helps social enterprises scale up. It has since expanded to Malaysia.<\/li>\n<li>As a B-corp business\u200a\u2014\u200aan entity which uses business for good\u200a\u2014\u200aBoxGreen spends 60% of its expenses with local suppliers and employs ex-offenders as snack packers. Its open hiring policy welcomes former drug addicts, single mothers, and people with special needs.<\/li>\n<li>With 50 varieties of snacks and cold-pressed juices, BoxGreen supplies to more than 500 companies and 2,000 homes.<\/li>\n<li>\u201cWe\u2019re not out to save the world. But as long as we make some lives better, we\u2019re happy,\u201d Walter said.<\/li>\n<li>You can read the full interview with Walter Oh of BoxGreen <a href=\"https:\/\/www.straitstimes.com\/lifestyle\/doing-good-selling-snacks\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da395a56f.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.<\/p>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unicorn in the making 500-backed Carousell is moving closer to unicorn status after it raised US$80 million in a funding round led by South Korea\u2019s Naver Corporation, bringing the company\u2019s valuation at over US$900 million, according to The Straits Times. Naver Corp is the digital conglomerate behind the search engine Naver, often regarded as the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[372,392,45],"class_list":["post-798","post","type-post","status-publish","format-standard","hentry","category-daily","tag-abillionveg","tag-boxgreen","tag-carousell"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #92: Carousell valued at over US$900mil after investment from South Korean internet\u2026 - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=798\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #92: Carousell valued at over US$900mil after investment from South Korean internet\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"Unicorn in the making 500-backed Carousell is moving closer to unicorn status after it raised US$80 million in a funding round led by South Korea\u2019s Naver Corporation, bringing the company\u2019s valuation at over US$900 million, according to The Straits Times. 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