Wednesday
May 2
2018

Frontier Car Group raises $58M for its used-car marketplace for emerging economies

By Ingrid Lunden

We’ve seen a large wave of used-car sales startups launch across developed markets like the U.S. and Europe, disrupting a marketplace that has largely been untouched for years. Now a startup focusing on the used car-sales opportunity specifically in developing economies is ramping up its activities.

Frontier Car Group, a Berlin startup that has built a used car marketplace targeted specifically at countries outside of Western Europe and North America, is announcing $58 million in funding — $41 million in equity and $17 million in debt funding — to continue expanding its business into Africa, Latin America and Asia, where it has sold 50,000 vehicles since launching at the end of 2016 and is on track to do $200 million in annualised revenues per year.

The Series B brings was led by Balderton Capital and TPG Growth (both of which participated in Frontier’s previous $22 million round), with Fraser McCombs Capitaland Autotech Ventures — two automotive-specific funds — also participating.

Photo courtesy of 3mb.o.

Source: TechCrunch (link opens in a new window)

Tags
automotive industry, cars, emerging economies, emerging markets, funding, startups, venture capital