KUALA LUMPUR, MALAYSIA - Media OutReach^[1] - 25 February 2019 - Carsome, Southeast Asia's leading & largest onlineused-car auction platform is moving its headquarters to luxury coworking space provider Colony^[2]. 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.

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^[3]

Colony^[4] 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^[5]

References

1. ^{^} Media OutReach (www.media-outreach.com)
2. ^{^} Colony (colony.work)
3. ^{^} https://carsome.my (carsome.my)
4. ^{^} Colony (colony.work)
5. ^{^} https://www.colony.work (www.colony.work)