Mitsui Sumitomo Insurance invests in Singapore car startup Carro

Economy

Japan's Mitsui Sumitomo Insurance Co. has invested in Trusty Cars Pte. Ltd., a Singaporean online automotive marketplace startup known as Carro. Mitsui Sumitomo Insurance, a member of Japanese insurance giant MS&AD Insurance Group Holdings Inc., plans to beef up existing ties with Carro and promote joint businesses, it said in a news release Monday. The Tokyo-based nonlife insurance company made the investment by participating in a Series C funding round led by SoftBank Vision Fund 2, a SoftBank Group Corp.-led megafund investing in growing technology companies. Through the funding round in Ju...

Kyodo News

Kyodo News