Carro secures US$60m in funding to strengthen demand for Japanese vehicles across APAC

Singapore – Carro has secured US$60m in funding to strengthen demand for Japanese vehicles across the APAC region. The round was led by Japan’s sovereign wealth vehicle Cool Japan Fund, with additional backing from new investors.

“Japanese automakers have always had a strong presence and historical dominance in Asia-Pacific,” said Aaron Tan, co-founder and chief executive at Carro. “Japanese cars continue to be reliable and trustworthy with their advanced automotive technologies, including fuel cell innovations, and superior safety features. We are confident we can increase the market share of Japanese Plug-in Hybrid Electric Vehicles (PHEV) in time to come.”

Carro said the fresh capital will support efforts to meet growing interest in both used cars and new PHEVs, particularly in Southeast Asia, where demand is rising alongside economic expansion, a growing middle class and government incentives for electric vehicles in markets such as Indonesia and Thailand.

“Japanese cars hold a significant share of the used car market across Asia Pacific, and we’re keen to cement our dominance,” said Kenichi Kawasaki, president, CEO and COO at Cool Japan Fund. “Through this investment in Carro, Cool Japan Fund aims to boost demand for Japanese cars in the region and reinforce their value by showcasing Japan’s advanced automotive technologies.”

Cool Japan Fund, founded in 2013 as a government-backed private fund, aims to support the sustainable growth of Japan’s economy by expanding overseas demand and supply of Japanese products and services. Its portfolio s