VC firms back $58m financing for Frontier Car Group

Balderton Capital, TPG Growth, Fraser McCombs Capital and AutoTech Ventures provided a $41m series-B equity funding while a consortium of banks and institutions arranged an additional $17m in debt financing.

FCG will use the fresh capital to expand market share in the regions and markets in which it is already active. The company is headquartered in Berlin but is active in emerging markets Nigeria, Mexico, Chile, Turkey, Pakistan and Indonesia.

Previous funding
Balderton led a $22m funding round for FCG in May 2017. EchoVC+, TPG/Satya, NEA and Partech Ventures also took part in the financing.

Company
Founded in April 2016 by Sujay Tyle and Peter Lindholm, FCG develops and operates marketplaces in the used car sector, focusing on emerging markets. Headquartered in Berlin, the company also has an office in Gothenburg, Sweden, and employs approximately 200 people.

People
Balderton Capital – Daniel Waterhouse (partner).
Fraser McComs Capital – Mark Norman (managing partner).
Frontier Car Group – Sujay Tyle (CEO).

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• Topics
• Expansion
• DACH
• Technology
• Germany
• Venture
• Balderton Capital
• TPG