tech

Co-Founder Of Malaysia's First Tech Unicorn Carsome Joins Endeavor's Board Of Directors

Eric Cheng's used-car e-commerce startup became a unicorn company earlier this year and is currently valued at USD1.7 billion (approximately RM7.13 billion).

Cover image via Bloomberg & Endeavor Malaysia (Provided to SAYS)

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Co-founder and group chief executive officer (CEO) of Carsome, Eric Cheng, has been appointed by global high-impact entrepreneurship movement Endeavor to its board of directors in Malaysia

From being selected as an Endeavor Entrepreneur back in 2019, Cheng's used-car e-commerce startup became Malaysia's first ever tech unicorn company after it raised USD290 million (approximately RM1.22 billion) in a financing round earlier this year.

Carsome is currently valued at USD1.7 billion (RM7.13 billion) and is present across four major Southeast Asian markets – Malaysia, Singapore, Thailand, and Indonesia.

Managing director of Endeavor Malaysia, Adlin Yusman (left) with co-founder and group CEO of Carsome, Eric Cheng (right).

Image via Endeavor Malaysia (Provided to SAYS)

In recognition of his success, Cheng will be joining Endeavor Malaysia's board in their work to support the next generation of entrepreneurs

"Eric and his team at Carsome have placed Malaysia on the map as Malaysia's first tech unicorn," said chairman of Endeavor Malaysia's board of directors, Brahmal Vasudevan.

Brahmal believes Endeavor Entrepreneur-led companies, such as Cheng's startup, will not only serve as industry-wide pioneers, but also as an inspiration to aspiring entrepreneurs by demonstrating "how big ideas can be scaled up".

He added, "Having Eric on the Board of Endeavor is exactly what we need to set the stage for the next generation of founders to invite global investment, spur the growth of ecosystems, and promote economies of innovation."

"Eric brings with him valuable experience, having built Carsome from the ground up. This is a perfect example of how Endeavor Entrepreneurs pay it forward, by helping lead Malaysia's entrepreneurial ecosystem into the next phase of high-impact growth."

Chairman of Endeavor Malaysia's board of directors, Brahmal Vasudevan.

Image via Endeavor Malaysia

Commenting on his appointment, Cheng also said he is ready to assist fellow entrepreneurs in Malaysia

"The global Endeavor network has created vibrant tech ecosystems in regions like Latin America (LATAM) and the Middle East. I believe that the Board of Endeavor Malaysia will be able to replicate these achievements by creating the gateway for local entrepreneurs to gain global exposure," he said.

"To me, Endeavor is the network to be in if you believe in your ideas and are willing to put effort into it."

Cheng joins Vasudevan, Afzal Abdul Rahim (commander-in-chief at TIME dotCom), Mark Chang (co-founder and CEO of JcbNext), Lim Chern Yuan (group CEO of Yinson), Fadzarudin Anuar (co-founder and CEO of FashionValet), and Thomas G Tsao (co-founder of Gobi Partners) on the Board of Endeavor Malaysia.

Endeavor Malaysia currently has over 60 mentors guiding 63 companies, 21 of whom have reached international scale.

Through its ongoing programmes, including Endeavor Entrepreneur Track and ScaleUp Endeavor Track, Endeavor Malaysia has collectively generated over RM1.4 billion in revenue and created more than 20,000 jobs since launching its operations in the country.

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