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
Blooom makes national TV debut
Overland Park-based financial tech firm Blooom hopes to seed new growth opportunities after a recent national TV appearance. Blooom CEO Chris Costello and President Greg Smith hopped onto Fox Business Tuesday to discuss 401(k) management and their company, which created an online 401(k) management tool that’s seen solid early traction. The tool uses a flower in various…
KC tech firms respond to ‘bleak’ millennial voter turnout
A meager millennial voter turnout in Kansas City’s recent municipal elections is compelling local organizations to combat apathy with technology. More Kansas Citians 90 and older cast ballots in the City of Fountain’s 2014 municipal elections than voters under 30, according to a study by Kansas City-based civic engagement company mySidewalk. A paltry 0.7 percent…
Lean Lab announces new, mature fellowship class
The Lean Lab, an education innovation incubator, announced its second cohort of fellows who hope to bring meaningful change to Kansas City education. In the 2015 class, 10 fellows with seven solutions for Kansas City’s urban education will be participating in the Lean Lab’s summer program. Fellows arrive at the program with ideas in various…
KC newbie Rex tops $1M in revenue, kicks off hiring
Surging growth at one of Kansas City’s newest startups is leading it to hire a staff six times its current size. Rex, an animal health tech company that recently graduated from the Techstars-led Sprint Accelerator, is hoping to quickly boost its headcount from two to 12. In the days following a pitch at the accelerator’s…