Singapore-based classified listings platform Carousell secured $85m this week in a series C round co-led by Rakuten Ventures, a corporate venturing vehicle for e-commerce firm Rakuten.

The round was co-led by EDBI, the investment arm of the state-owned Singapore Economic Development Board, and also featured financial services group DBS, 500 Startups, Golden Gate Ventures and Sequoia India.

Carousell operates an online platform where users can list and sell second-hand goods, and which it has been enhancing with features such as smart listings and personalised browsing.

The company is present in seven countries and has been responsible for the sale of more than 50 million items altogether.

Siu Rui Quek, co-founder and CEO of Carousell, said: “The investment will enable us to continue building up our teams with top tier talent to accelerate our development of highly anticipated features, and more AI and machine learning capabilities.

“We are grateful for the support of our new and existing investors, and their strong validation of our team’s execution capabilities, passion for the mission and product vision.”

An unconfirmed report in October 2017 suggested Carousell had raised $70m to $80m in series C funding, though a subsequent securities filing in January stated that it had so far closed $45.3m for the round.

Rakuten Ventures also led the company’s last round, a $35m series B in 2016 that included 500 Startups, Sequoia Capital and Golden Gate Ventures.

Carousell had initially raised $800,000 in a 2013 seed round led by Rakuten Ventures that included Golden Gate Ventures, 500 Startups and angel investor Darius Cheung, before adding $6m in a 2014 series A led by Sequoia and backed by Rakuten Ventures, 500 Startups, Golden Gate and Cheung.