Frontier Car Group, a Berlin, Germany-based used car marketplace targeted at countries outside of Western Europe and North America, raised $58m in Series B funding.
The round, which included $41m in equity and $17m in debt funding, was led by Balderton Capital and TPG Growth with participation from Fraser McCombs Capital and Autotech Ventures.
The company intends to use the funds to continue expanding its business into Africa, Latin America and Asia.
Founded in April 2016 by Sujay Tyle, Peter Lindholm and André Kussmann, Frontier Car Group develops, launches, and operates used-automotive marketplaces within emerging market economies, with operations in Nigeria, Mexico, Chile, Turkey, Pakistan, and Indonesia.
The platform has sold 50,000 vehicles and is on track to reach $200m in annualized revenues per year.
FinSMEs
03/05/2018