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
Smart city leader: Can technology predict deadly shooters before it’s too late?
A smart city is a safe city, Herb Sih said. And technology can help. “If you don’t have safety, you don’t have anything,” said Sih, managing partner at Think Big Partners, one of the key collaborators in Kansas City’s $15.7 million public-private Smart City initiative. Having grown up in St. Louis, Sih said he has…
T-shirt printer GOEX hopes to clad workers in dignity
A Kansas City T-shirt screen printer has a lofty mission: Turn local purchases into global impact. “Your dollar has value in how it’s treating others across the world,” said Ryan Hudnall, engagement director at the Global Orphan Project. Tucked away near Wyandotte and 31st streets, GOEX serves as an offshoot of the Global Orphan Project,…
Looping back? Missouri partners with Hyperloop to study 23-minute KC-St Louis route
Missouri’s prospects for landing a Hyperloop route apparently aren’t off the rails after all. Despite the company revealing four U.S. finalist routes in September — which did not include a proposed route through the Show Me State – Hyperloop One announced Tuesday it has entered into a public-private partnership with the State of Missouri to conduct…
Techstars Spotlight: GRIT Virtual builds 3-D tech into 2-D construction mindset
3-D should stay 3-D, said Chris Callen, CEO of GRIT Virtual. And with the rise of virtual reality and augmented reality technology, that philosophy can be applied to the construction of 3-D buildings, Callen said. Wichita-based GRIT Virtual is a software-as-a-service platform for large contractors. It uses VR software to streamline the workflow for construction…