Frontier Car Group Secures $22 Million in Funding; On Road to Revolutionize Used Automotive Sales in Global Emerging Markets
Led by Balderton Capital, the Series A Round Will Grow Existing Businesses in Chile, Mexico, Nigeria, Pakistan and Turkey
BOSTON and BERLIN, May 23, 2017 /PRNewswire/ -- Frontier Car Group (FCG), which builds and runs marketplaces for used automobiles in emerging markets, announced today the closing of a $22 million investment. A global company with operations in five countries currently, and a technical, financial and operational headquarters in Berlin, FCG will put the funds toward building and growing businesses in top tier emerging markets Chile, Mexico, Nigeria, Pakistan and Turkey. Led by Balderton Capital, a portfolio of world-class global investors also participated in the round including EchoVC+, TPG/Satya, NEA, Partech Ventures and a few large global family offices. With this round, Daniel Waterhouse of Balderton Capital and Eghosa Omoigui of EchoVC+ assume seats on the FCG Board of Directors.
"The automotive sales sector is fundamentally broken in top tier emerging markets around the world. Despite massive consumer demand, there is no good scalable way for people to sell their used cars efficiently for a fair price," said Sujay Tyle, co-founder and CEO of Frontier Car Group. "Our vision is to reinvent how the used automotive sales sector works in global emerging markets through technology and infrastructure creation."
"Frontier Car Group is an exciting company with huge potential and we are delighted to lead an investment in this company," said Daniel Waterhouse, General Partner at Balderton Capital. "The cofounders have a clear vision for the future of automotive sales and are leading a Berlin-based team who have developed a technical solution and operational model that allows the company to scale effectively at great speed. The fact that they are already live in five continents is a testament to their diligence and determination."
Founded by Sujay Tyle, Peter Lindholm and Andre Kussmann, FCG has experienced explosive growth since its launch in 2016. They have built five used automotive sales businesses around the globe led by elite local operators supported by world-class founding teams and the dedicated financial, technical and marketing resources to fuel continued growth.
Previously, Tyle was on the founding team and COO of Hired.com. Lindholm was an investment manager at Millicom and helped Rocket Internet globally in operations and strategy. Kussmann was director of engineering at Auto1 in Berlin.
FCG's unique technical platform and unique approach has enabled the team to build local businesses in top-tier emerging markets beginning with VendeNosTuAuto (Chile), VendeTuAuto (Mexico), Cars45 (Nigeria), CarFirst (Pakistan) and Ototrink (Turkey). The company has 200 employees around the globe, including Berlin.
About Frontier Car Group
Frontier Car Group (frontiercargroup.com), builds and runs marketplaces for used automobiles in emerging markets. A global company with operations in five countries currently, including a headquarters in Berlin, FCG has built local businesses led by elite operators in top-tier emerging markets including VendeNosTuAuto (Chile), VendeTuAuto (Mexico), Cars45 (Nigeria), CarFirst (Pakistan) and Ototrink (Turkey).
SOURCE Frontier Car Group
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