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
Fishing Caddy inventor pours family business into new product: Anywhere Cup Holder
Joe Pippins’ latest invention — the Anywhere Cup Holder — can support as much as 50 pounds in a single cup, he said. It’s a solution that serves the needs of everyone from mechanics and fishing enthusiasts to gardeners and people who entertain in their homes, said Pippins, founder of Live Holdings, which produces the…
Selling ‘the infinite commodity’: Farmobile leverages blockchain to build secure data store
With more than a million acres of field data amassed by Farmobile, farmers now need an exchange to securely connect them with buyers of the digital machine and agronomic information they’ve harvested, said Jason Tatge. A newly opened Farmobile DataStore, which leverages elements of blockchain technology fueled by Intel Sawtooth and Amazon Web Services to…
Rif Raf Giraffe plays matchmaker for buildings, money and artists in Crossroads
Jason Harrington sees opportunity in places often overlooked – alleys, elevator shafts and the sides of brick buildings. For the artist better known as Rif Raf Giraffe, they’re vast canvasses, waiting to be filled with gallons and gallons of paint and passion. Harrington recently traversed the East Crossroads Arts District in search of more real…
Black & Veatch delivers first consumer product ever: Solarhood
After more than 100 years in business, engineering giant Black & Veatch has launched its first consumer product: Solarhood. Built through the B&V Growth Accelerator program, the company created Solarhood to streamline the process for homeowners to tap solar power. The Solarhood mobile and web-based app allow homeowners to access the feasibility of going solar,…