Frontier Car Group raises $89m from Naspers to expand across Africa
The Frontier Car Group, which operates Cars45 in Nigeria has raised $89m from Naspers to expand its second-hand car auction in Africa, Latin America and Asia, the FT reports.
Early this month, FCG raised $58m Series B funding from Balderton, TPG Growth, automotive funds Fraser McCombs Capital, and AutoTech Ventures and $17M in debt financing from leading institutions and banks to expand its used-car marketplaces within emerging markets.
In February, the company raised $22m investment round for its platforms-Cars45 in Nigeria, VendeNosTuAuto in Chile, VendeTuAuto in Mexico, CarFirst in Pakistan and Ototrink in Turkey.
Speaking to the FT, Martin Scheepbouwer, chief executive of OLX Group, Naspers’ classifieds subsidiary said, “Naspers’ DNA is to move confidently and with commitment. We have for decades invested in frontier markets where no one else dares to go.”
FCG plans to expand its Cars45 operations to Ghana and Kenya after South Africa, where OLX has a strong presence there. The firm plans to start new “car inspection lots” in Johannesburg, Cape Town and Pretoria, reported the FT. Source : Tech Moran