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
ShotTracker scores partnership with sports equipment giant Spalding
Overland Park, Kan.-based startup ShotTracker will partner with Spalding, the largest basketball equipment supplier in the world, to debut the first multi-player basketball tracking technology. ShotTracker’s technology tracks real-time basketball performance statistics using data from chips embedded in a basketball, players’ shoes, and portable sensors placed around the court. Davyeon Ross, COO of ShotTracker, commented that their…
After waning state support, Kansas Bioscience Authority will go private
A formerly state-backed investment organization for Kansas bioscience businesses will soon be transitioning from a public to private organization. After dwindling support from the State of Kansas, the Kansas Bioscience Authority’s board recently voted unanimously to shift the organization to the private market in 2016, allowing portfolio companies to partner with investors in the private…
Rightfully Sewn founder stitches a vision for Kansas City’s fashion future
Poised, posh and purposeful, Jennifer Lapka Pfeifer sits straight as a board at Kaldi’s coffee shop with unwavering eye contact. Donning a contoured-floral blue and white dress, Lapka smiles as she poetically recalls painting in high school and learning to sew with her grandmother in rural Kansas. Those experiences fostered a love for fashion, art…
By the Numbers: A look at Midwest tech investment in 2015
Startland News recently distilled a report by Lead Bank and investment research firm CB Insights that analyzed the Midwest tech investing scene. Here are a few more of the findings from the nearly 40-page report, as presented by Startland’s Kat Hungerford.