Following the $58 million in Series B funding it received earlier this month, the Berlin-based startup Frontier Car Group (FCG) has garnered a new $89 million investment.
OLX Group announced Thursday that it has invested $89 million in Frontier’s recent C series funding round through its early-stage investment arm OLX Ventures.
“The growth we’ve seen since our foundation in 2016 is a testament to a market ripe for disruption,” FCG chief executive officer Sujay Tyle said in a news release. “As we look to grow further and lead the digitization of the automotive sales sector, this partnership provides us with the platform and global presence that we need to become the leading used car marketplace across high-growth markets.”
In addition to the new funds from OLX Group, the startup will also leverage OLX Group’s international footprint in high-growth markets, according to the company.
With proprietary classifieds technology from OLX Group, FCG can more easily expand into new territories, as well as improve existing services for users, the company said.
When it comes to increasing both convenience and speed, the company explained that used-car sellers can choose to sell their vehicles via OLX Group classifieds or opt to use FCG’s service.
“Our mission at OLX Group is to make it super easy for users to buy or sell almost anything. When it comes to cars, FCG will help us to do just that, offering a more convenient service to our car sellers and buyers around the world,” said Martin Scheepbouwer, OLX Group CEO. “Convenience is the future of classifieds and we will drive it.”