Carro raises $76.7m from Japan’s wealth sovereign fund

The funds will be used to bolster demand for Japanese cars in APAC.

Singapore-headquartered online used car marketplace, Carro, has raised $76.7m (US$60m) in a funding round led by Japanese wealth sovereign fund Cool Japan Fund.

The proceeds of the funding round will be used to bolster demand for Japanese cars in Asia Pacific, where Carro has a presence in.

The overall demand for used cars and new PHEVs, especially in the Southeast Asian region, is expected to grow, driven by anticipated economic expansion, the rise of the middle-income population, as well as government subsidies for EVs in countries like Indonesia and Thailand

Founded in 2013, Cool Japan Fund is a government-backed private fund with the aim of  contributing to the sustainable growth of Japan's economy through the expansion of overseas demand and supply of Japanese products and services.