EchoVC+ recently co-led a $22m investment round into Frontier Car Group (‘FCG’), the firm that operates Cars45 in Nigeria, VendeNosTuAuto in Chile,
According to Eghosa Omoigui of EchoVC, “We’re thrilled to announce that we recently co-led a $22 million investment into Frontier Car Group (‘FCG’), a visionary company that in 18 months has become a pioneering force in Africa’s technology industry. Launched just a year and a half ago, Frontier builds and runs tech-enabled used-car marketplaces enabling people to buy and sell cars safely and efficiently for a fair price in top tier emerging markets like Nigeria, where the car-sales market is often unstructured and riddled with preventable complexities.”
The 5m USD investment into Frontier Car Group Nigeria will help Cars45 which offers an end-to-end technology solution that eliminates a very significant amount of friction in the purchase, sale and certification of used cars to focus on her core competence.
In doing so, the firm says it has how much value is created for market participants while reducing the workload of, and generating revenue for, relevant government agencies. Even more significantly, the business opportunities generated by the injection of material liquidity into the marketplace are creating new jobs across the automotive industry.
“As an active Africa-focused local investor dedicated to funding high-octane entrepreneurs and concurrently attracting foreign investors to participate in the growth of local SME micro-economies, we see Cars45 as being representative of Nigeria’s, and indeed Africa’s, SME-powered digital infrastructure,” said Eghosa.
Headquartered in Berlin, FCG oversees its high-growth businesses in Mexico, Chile, Turkey, and Pakistan and Nigeria and has 200 people across its markets with plans to continue expanding.