Carsome’s New Regional Headquarters Spark Multi-Million Dollar Deal with Colony

Carsome to move its headquarters to luxury coworking space, Colony @ Mutiara Damansara

 

KUALA LUMPUR, MALAYSIA – Media
OutReach – 25 February 2019 – Carsome,
Southeast Asia’s leading & largest online used-car
auction platform is moving its headquarters to luxury coworking space provider Colony.
Shifting from its previous office in Petaling Jaya, the move comes as Carsome
ramps up its expansion and operations in Southeast Asia.

 

After raising a total funding of over US$7.1
million from global investors and landlord financing, the new 19,000 square
feet coworking space is Colony’s first foray into Selangor. Colony @ Mutiara
Damansara is located at KYM Tower, a new Grade A, Green Building Index Gold
Certified and MSC Status building located just 5-minutes from the Curve.

 

“We are excited to announce that we’ll be
moving to a new location. By moving our headquarters to Colony, we are
committed to provide an elevated working experience to the team and gaining a
solid foothold in Southeast Asia,” said Eric Cheng, CEO & Co-Founder of
Carsome.

 

As one of Malaysia’s top startups, Carsome is
the first automotive website in Malaysia that provides efficient car-selling
services to individuals and entities. Carsome provides multiple touch points
for sellers to sell the car, while ensuring a fair trade-in price through its
online auction platform. Funded by solid local and global investors, they have
raised a total funding of over US$35 million and is currently operating in
Malaysia, Singapore, Indonesia, and Thailand with over 14 inspection centres.

 

“We are honoured to be Carsome’s trusted
partner in their journey of growth. At Colony, we constantly strive to provide
a reliable and first-in-class hospitality service to our guests. Our goal is to
give established companies such as Carsome a peace of mind when it comes to
their workplace, this way they can focus on what matters most in their
business,” said Timothy Tiah, Executive Director of Colony.

 

Last year Colony announced that it closed a
RM5.6 million anchor tenant deal for its second location at Eco City. With
Carsome’s 150-person team and its previously announced deal with Malaysia’s
largest snack company Mamee, Colony @ Mutiara Damansara is already slated to
open with 81% occupancy rate in July 2019.

About Carsome

Carsome
is Southeast Asia’s leading
& largest online used-car auction platform. Through its online bidding portal, customers are able to
sell their vehicles directly to dealers nationwide. Carsome facilitates the
entire car-selling process from inspection, to valuation, bidding and payment
as well as logistics needs, allowing the customers to sell their cars as fast
as one day with zero charges and minimal effort.

Headquartered
in Malaysia, the company has since expanded to Indonesia, Thailand and
Singapore and has one of the largest dealer networks with more than 4,000
registered dealers on its platform. Since its inception in 2015, Carsome has
registered more than 685,000 bids for cars, with over 70% of the transactions
being done inter-city. https://carsome.my

About Colony

Colony is a luxurious co-working space and serviced
office provider based in the heart of Kuala Lumpur with plans and pricing
curated to eliminate hefty set-up costs, maintenance hassle, and long-term
rental contracts. Raved over for its chic and Instagram-worthy interior, the
company aims to enable guests to focus on their life’s work and reach new
heights while all else is taken care of. The company is backed by Oak Drive
Ventures, Cornerstone Partner’s Group and family offices around the region. https://www.colony.work