Siu Rui Quek, Co-Founder & CEO, Carousell. Photo credit: Stephen McCarthy / RISE / Sportsfile, under Creative Commons license

Carousell, a Singaporean e-commerce upstart, has raised $80 million in new funding from a group of investors led by South Korean search giant Naver Corporation. The new funding brings the total amount of financing that Carousell has raised since its inception to over $260 million and values the company at more than $900 million. Along with Naver, other participants in the new round include Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities. Before now, Carousell last raised funding in April of last year which was a $56 million investment from Naspers-owned classifieds company OLX Group.

Carousell’s co-founder and CEO Quek Siu Rui touted Naver’s investment as a “vote of confidence” for the company. Before now, other notable investors in Carousell included Rakuten, Sequoia Capital India, and 500 Startups. Carousell as a company was founded in 2012 and launched with an SGD$7,000 ($5,100) grant from the National University of Singapore in April of that year. Since then, the classifieds site has gone on to greater heights, currently with tens of millions of listings and buyers. Carousell currently operates in more than three-dozen countries. The company, based out of Singapore, currently has more than 500 employees.

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