Frontier Car Group (FCG), headquartered in Berlin, announces Series C funding
Naspers’ Classifieds business, OLX Group, today announced it has invested $89 million through its early-stage investment arm OLX Ventures, in the C series funding round of online car marketplace Frontier Car Group (FCG).
FCG is headquartered in Berlin and currently operating in six countries, will use the funds, as well as access to OLX Group’s global footprint in high-growth markets, to fuel its expansion into new territories and enhance its instant cash services for users.
FCG's announced their Series B funding in May of this year with a 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.
Balderton FCG's Series A funding in May of 2017.
Daniel Waterhouse, who has led all Balderton's investments in Frontier Car Group, said “Balderton first invested in FCG a little under 2 years ago and it is staggering what the team have achieved in such a short time, getting to significant scale and building a platform that is capable of being leveraged in many different operating environments. We are excited to further support the company and look forward to the next chapter of this extraordinary story.”
“The growth we’ve seen since our foundation in 2016 is testament to a market ripe for disruption. 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.”
