Stephenson Harwood (Singapore) Alliance has advised Carro on its US$360 million series C fundraising. This deal makes Carro the first automotive marketplace unicorn – a privately held startup that is valued at more than US$1 billion – in Southeast Asia.

Carro provides a comprehensive service for all aspects of car ownership, and uses artificial intelligence-powered technology to transform the retail experience. The latest funding, led by SoftBank Vision Fund 2 and several prominent Indonesia-based funds, will be used to strengthen Carro’s market position and expand its retail offering across Southeast Asia.

This transaction is the latest in a series of significant funding for Carro on which the firm has advised.

The Virtus Law team was led by partner Sheetal Sandhu, who was supported by associate Lena Ow.

Stephenson Harwood (Singapore) Alliance is the formal alliance between Stephenson Harwood LLP and Virtus Law LLP.