Frontier Car Group (FCG), a Berlin, Germany-based company which builds and runs marketplaces for used automobiles in emerging markets, closed a $22m funding round.
The round was led by Balderton Capital, with participation from EchoVC+, TPG/Satya, NEA, Partech Ventures and a few large global family offices. In conjunction with the funding, Daniel Waterhouse of Balderton Capital and Eghosa Omoigui of EchoVC+ will join FCG’s Board of Directors.
The company intends to use the funds to build and grow businesses in the countries it already operates.
Founded by Sujay Tyle, Peter Lindholm and Andre Kussmann, Frontier Car Group builds and runs marketplaces for used automobiles in five countries including:
– VendeNosTuAuto (Chile),
– VendeTuAuto (Mexico),
– Cars45 (Nigeria),
– CarFirst (Pakistan) and
– Ototrink (Turkey).
The company has 200 employees around the globe.