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
Hammerspace grows maker mission on Emanuel Cleaver Boulevard
Dave Dalton is a maker — a blacksmith, a bladesmith, a woodworker, an artist and a jack of all trades. More than just a sum of his skills, being a maker is all about perspective, said Dalton, founder of Hammerspace Community Workshop. And when a friend dared him to give his tip jar an upgrade, Dalton…
Innovation Stockyard selects first St. Joe startup for Digital Sandbox
A curbside recycling service is expected to be the first startup to receive Digital Sandbox KC proof-of-concept funding through the Innovation Stockyard incubator. Toss it Curbside, a service with which customers place unwanted items on their curbs to be recycled or donated, plans to use the funds and the St. Joseph-based incubator program to optimize…
Applications open: Sprint Accelerator dialing into ag tech, IoT with 2018 cohort
Investing in startups isn’t just about providing needed capital, Doug Dresslaer said. As the Sprint Accelerator gears up for its fifth year, Dresslaer, managing director of the program, said the accelerator’s 2017 cohort — the first since its move toward establishing corporate partnerships and pivot away from Techstars — proved industry relationships themselves create tremendous value.…
Entrepreneurial inspiration: How a wheelchair freed Wesley Hamilton
Editor’s note: Kansas City fitness and community advocate Wesley Hamilton offered four inspirational tips for entrepreneurs, illustrated by his own remarkable experiences overcoming adversity. Two bullets pierced Wesley Hamilton’s back, confining him to a wheelchair, but freeing his mind, the Kansas City adaptive athlete said. “I found that being shot by someone I never knew…