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
A St. Joe CEO handed him a franchise after graduation; two years later, the risk is paying off
Spencer Engelman’s expectations for his post-college career were shredded by an offer he couldn’t refuse. The Northwest Missouri State University graduate was awarded a business of his own — minus the franchise fee — by a veteran entrepreneur who had visited one of his classes. “It’s a crazy opportunity,” said Engelman, who now operates a DocuLock…
What a catch: Kansas City fandom creates custom appeal for taco-loving cartoonist vibe
Drawing from Kansas City’s spotlight moments — whether trendy and new or iconic and timeless — W. Dave Keith balances a quirky aesthetic with a practical focus on what will actually sell. “I’ve slowly learned that if I want to make money off this business, I need to make stuff that people want to buy,”…
Power through purpose: How a winding journey led this eco devo steward to deep-rooted impact
Editor’s note: The following story was written and first published by the Economic Development Corporation of Kansas City, Missouri (EDCKC). Click here to read the original story. [divide] Going behind the scenes of CCED with the people who make it happen Some people are drawn to city-building because of the bricks and steel, the architecture, the skyline, the…
Missouri’s weapon in the AI race with China: KC tech companies, says GOP lawmaker
As artificial intelligence reshapes the way Kansas City works, civic and elected leaders want to ensure small businesses and the region’s tech community have seats at the table. Federal regulation could help, said Eric Schmitt. “For me, [it’s about] making sure that the big tech companies don’t block out a lot of the innovators, say…