Singapore-based Carousell has secured US$85 million in Series C funding to grow and expand its e-commerce business across the region.

This additional round of funding was co-led by Rakuten Ventures  and EDBI, and involved 500 Startups, Golden Gate Ventures, Sequoia India, and DBS.

With the capital injection, Carousell can focus on adapting to an AI-first world. It will be investing in talent and deep technology capabilities to grow the Carousell marketplace.