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
Nominations for Techweek 100 list of premier KC innovators close Sept. 9
It’s not a ranking. Techweek 100 celebrates the whole spectrum of individuals and organizations who are impacting the business and technology landscape on a significant scale in cities like Kansas City, organizers said. Nominations close Sunday, Sept. 9. “Honorees include fast-growing technology companies, prominent sector investors, key contributing enablers of the digital ecosystem, those at…
Lenexa teen IDs winning medical solution with Parkinson’s detection tech FacePrint
Stanford University will have to wait. Eighteen-year-old Erin Smith is taking her medical technology venture, FacePrint, on the road. The Johnson County teen has been selected to join two prestigious fellowships to further develop FacePrint, which is a diagnostic and monitoring Tool for Parkinson’s Disease. She’s been tapped for $25,000 from the Davidson Institute for…
Velocity Lee’s Summit gets first big boost from city with $145K innovation investment
A $145,000 allocation for Velocity Lee’s Summit represents the first step in the City of Lee’s Summit getting serious about investing in innovation, said Grant Gooding. “There is a lot of talent in Lee’s Summit and we wanted to give entrepreneurs a place and an ecosystem to foster the development of their businesses,” said Gooding,…
Pure Pitch Rally returning to Techweek with land sharks hungry to invest more than $80K
A frenzy of land sharks ready to bite on startups’ best ideas is gathering at The American restaurant during Techweek to award up to $80,000 in cash and $500,000 in Amazon AWS Activate credits. The one-of-a-kind Pure Pitch Rally event — set for 4 p.m. to 6 p.m. Oct 10 — plays off the hit…