Carro Bags $360M, Formative Raise $70M, And More – Crunchbase News

Carro Bags $360M, Formative Raise $70M, And More – Crunchbase News

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Carro bags $360M for used car marketplace

Singapore-based Carro, operator of an online marketplace for used cars, raised $360 million in a  financing round that propells the company to unicorn status.

SoftBank led the financing, joined by Indonesia-based EV Growth and others. Previously, six-year-old Carro had raised at least $252 million in known funding, per Crunchbase data.

The company plans to use the funds to expand its retail presence across Indonesia, Thailand, Malaysia and Singapore, on the heels of sharp market growth in the past year. Carro says it also wants to beef up its financial services offerings.

— Joanna Glasner

Funding rounds

Formative lands $70M for edtech:  Santa Monica, California-based Formative, a tool for educators to track student work in real-time, give feedback, and collaborate with fellow teachers, raised $70 million in a funding round led by Summit Partners.

Tech news

NFT sales plummet: Sales of non-fungible tokens, or NFTs, a form of digital collectible, have fallen dramatically in recent weeks after garnering massive attention earlier this year, CNBC reports. Overall sales plunged from a seven-day peak of $176 million on May 9, to just $8.7 million on June 15.

— Joanna Glasner

Illustration: Dom Guzman

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