Online wholesale vehicle marketplace BacklotCars announced a Series B round of funding on Monday that nearly triples the company’s total funding.
New York growth equity firm Stripes led the $25 million round of funding in BacklotCars, which has raised its total funding to $38 million.
Also participating in the Series B round were existing investors including Origin Ventures, Pritzker Group Venture Capital, Revolution’s Rise of The Rest Seed Fund, Royal Street Ventures, KCRise Fund and Chaifetz Group.
BacklotCars said it increased its geographic footprint by more than 500% last year and continues to expand across the country. The Kansas City, Mo.-based company provides a marketplace where car dealers, auto-finance companies and rental car companies can transact, offering an end-to-end solution that includes inspections, transportation and inventory financing.
“We’re excited to have Stripes partnering with us on this next round of funding, as well as the continued support from existing investors,” BacklotCars chief executive Justin Davis said in a news release. “Stripes’ experience with guiding high-growth, tech-driven marketplaces will be helpful as we double down on our mission of making wholesale easy.”
Stripes principal Saagar Kulkarni said: “We are thrilled to be joining the BacklotCars team. 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,” Kulkarni said. “We look forward to partnering with Justin and the team as they continue to expand their footprint and create value for dealers nationwide.”
BacklotCars announced its Series A funding in December.