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
Tech workforce program championed by former Chiefs star graduates its first KC class
An education initiative recently launched in Kansas City not only focuses on lifting up young people from low-income backgrounds and helping them succeed in the high-tech sector, said pro football hall of famer Will Shields: it upends a cycle of decline and replaces it with building blocks. i.c.stars, headquartered in Chicago, launched in Kansas City…
Build-A-Bear founder joins VFA’s board, lauding group as an ‘onramp’ to entrepreneurship for overlooked young professionals
ST. LOUIS — A hometown founder and entrepreneurial icon is joining the board of one of the region’s premiere work placement opportunities for early-career professionals. Maxine Clark, founder of Build-A-Bear Workshop — the teddy-bear-themed retailer she launched in 1997 in St. Lous — is the latest appointment to the national board of directors for Venture…
Leveraging KC’s resources: How the right people at the right time can unlock a startup’s potential
The level of collaboration seen in Kansas City’s entrepreneurial ecosystem is unmatched by peer communities, said Jill Meyer, noting it’s not a phenomenon that developed by accident. And it takes transparency and trust, she added. “There is a lot of work that resource partners do to make sure that our companies and our founders have…
Looking for investors? A startup’s first ask shouldn’t be for money, leading VCs say
Most startup founders think of funding as transactional, Darcy Howe shared, but it’s actually relational. “You’ve got to have relationships with people long before they’ll fund and that includes angels and all the others,” the KCRise Fund founding managing director told a crowd gathered at UMKC’s Bloch Executive Hall for Startland News’ Kansas City Startups…