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
Proof is in the spending: CEO-to-CEO Challenge yields results in diversifying supply chains
Editor’s note: The following story was sponsored by KC Rising, a regional initiative to help Kansas City grow faster and more intentionally, as part of a campaign to promote its CEO-to-CEO Challenge on supplier diversity. When she started researching the institutional knowledge at MMC Corp. about working with diverse suppliers, national purchasing director Kelli Fraas found the process was…
Her new role is reenvisioning one of KC’s most iconic events for entrepreneurs; how Callie England is shaking up GEW
Callie England misses the life of an entrepreneur, she shared, but her new role with the UMKC Innovation Center — and GEWKC — allows her to stay in the game without being on the field. As of January, the veteran Kansas City startup founder is responsible for managing the branding and marketing initiatives of the…
Sand volleyball tourney for early-career professions works to ‘Spike the Stigma’ on mental health
Joining the workforce is no walk on the beach, said Mark Potts, but give him and his teammates a few hours in the sun and sand on a Saturday afternoon and it could be. “Nobody is on their journey alone,” said Potts, president of the Go Further Foundation, explaining the organization’s purpose and its goal…
Sailes closes $5.1M investment round led by STL firm, with KCRise Fund, Wichita VC
The foundation for Sailes has always been solving difficult problems for sales teams, said Nick Smith; the success of a Series A funding round for the startup will power new tools toward that goal. “Everyone is on this AI hype train, and we’ve been for AI for a while. But it’s not just about using…