Frontier Car Group today announced their Series B raise of $41M from Balderton, TPG Growth, automotive funds Fraser McCombs Capital, and AutoTech Ventures. The company additionally raised $17M in debt financing from leading institutions and banks.
FCG is based in Berlin, and develops, launches, invests in and operates used-car marketplaces within emerging markets. The company is led by 24-year-old CEO Sujay Tyle, and will use the new funding to become the dominant used-car trading house in emerging markets across the world. It plans to apply a particular growth-focus on Africa and Latin America, while also making investments in Asia.
With full-scale operations launched in September 2016, FCG's unique technical platform and strategy has, to date, enabled the creation of localised, used-car businesses in Africa, Latin America, and Asia.
As of May 2018, FCG has already achieved an annualised gross merchandise volume of close to 200 million USD through the launch of hundreds of purchase centres across these markets, and the development of an innovative auction platform for car dealers to bid for cars in real-time.