BacklotCars Cranks Up More Funding
Backlot Cars wants to give auto retailers an easy way to buy and sell wholesale autos, and several venture capital firms want to help make that happen.
Several venture capital firms, Royal Street Ventures, Pritzker Group Venture Capital, Origin Ventures, Rise of the Rest Seed Fund, KCRise Fund and the Chaifetz Group, all kicked in $25 million to fund Blacklot’s Series B funding round. Just 4 months ago, the same company raked in $8 million for its Series A round.
Backlot has raised $38 million so far.
The Kansas City based startup provides vehicle inspections, logistics and inventory finance services to auto dealers, auto renters and financial services firms aiming to buy ans sell cars wholesale. There is a $100 to $350 buy fee per vehicle, and a 5 day guarantee on major items, secure payment and title transfer, according to the website.
The company is currently allowing businesses to request an invite to use its services.