BacklotCars parks another $25 million in Series B round led by NY-based investor
April 15, 2019 | Startland News Staff
KC-fueled BacklotCars will further its mission to disrupt the wholesale automotive space, thanks to the close of a $25 million Series B funding round, the company announced Monday.
Justin Davis, BacklotCars
Led by New York-based growth equity firm, Stripes, the round brings BacklotCars — which seeks to ease pain points for automotive wholesalers — to $38 million in funding total since it was founded in 2014.
“We’re excited to have Stripes partnering with us on this next round of funding, as well as the continued support from existing investors,” said Justin Davis, CEO of BacklotCars. “Stripes’ experience with guiding high-growth, tech-driven marketplaces will be helpful as we double down on our mission of making wholesale easy.”
Backlot Cars’ latest round saw continued support from KCRise Fund, the company said, in addition to another seven existing investors that included: Origin Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund, Royal Street Ventures, and Chaifetz Group.
“We are thrilled to be joining the BacklotCars team,” said Saagar Kulkarni, Principal at Stripes. “The BacklotCars marketplace, combined with its transportation and financing products, is a complete solution for dealers. We believe their tremendous growth is proving that car dealers want a digital marketplace for buying and selling inventory. We look forward to partnering with Justin and the team as they continue to expand their footprint and create value for dealers nationwide.”
Rapidly raising, the Crossroads-based company closed on an $8 million Series A round in December 2018.
Click here to read about the previous funding round.
“We have a talented team of problem solvers here that gets things done,” Nathan Sterner, growth and marketing manager, said of the company’s growth mindset at the time.
With it latest cash infusion, BacklotCars will continue its expansion, promising to enhance current products, expand inventory, and create additional resources focused on dealer success, Davis said.
“We’re focused on building one platform for all dealers to transact efficiently, not just a new version of the same old auction,” he said.
Featured Business
2019 Startups to Watch
stats here
Related Posts on Startland News
GEW hopes to spark innovation, connections among entrepreneurs
Global Entrepreneurship Week is about helping businesses that start in Kansas City stay in Kansas City, Jenny Miller said. And it’s for more than the traditional “startup” crowd, the network builder at KCSourceLink said. “GEWKC connects people who may not identify as ‘entrepreneurs’ – those who may think of themselves as makers, creators, freelancers, artists,…
Hip hop entrepreneur: Rap stardom isn’t the only way to a paycheck
Music is everything, Kartez Marcel said. It’s an avenue to express anger and hurt in a positive way. It’s a way to heal. And for aspiring entrepreneurs, it’s an opportunity to earn a paycheck even if they aren’t destined for on-stage superstardom, said Marcel, a Kansas City rapper and hip hop industry mentor. “Everybody wants…
FAQ: Is it all hype? Tunneling into Missouri’s chances for Hyperloop
Virgin Hyperloop One might seem like a pipe dream. But the prospect of Kansas Citians reaching St. Louis in only 23 minutes is more realistic than many think. In fact, according to recent reports, Missouri has at least a 20 percent chance at landing Hyperloop, a yet-to-be-realized transportation system that moves people and freight at…
CEO: Infusion Express $13.5M round proves realistic investment can come to KC
When Kansas City-based Infusion Express closed a $13.5 million Series B round earlier this month with McKesson Ventures as its lead investor, the move wasn’t a fluke, Don Peterson said. “If you build something really great, the money will find you,” said Peterson, CEO of Infusion Express. “I didn’t call McKesson, they called me. When…