EchoVC+ co-led a $22 million investment in Frontier Car Group, a pioneering technology platform in Nigeria's automotive market set to revolutionize used-car sales.

Information on the Target

Frontier Car Group (FCG) is an innovative technology company that has rapidly established itself as a leader in Africa's technology industry within just 18 months of its inception. The company specializes in building and operating tech-enabled used-car marketplaces, designed to facilitate safe and efficient car buying and selling at fair prices in emerging markets. FCG addresses the complexities of the car-sales sector, particularly in Nigeria, where the market often suffers from a lack of structure and transparency.

FCG's platform streamlines the traditionally convoluted used-car marketplace. In Nigeria's market, buyers frequently face risks such as purchasing stolen vehicles or encountering sellers who fail to disclose prior damages. Given that many Nigerians may make car purchases that represent their most significant financial commitment without having previously owned a home, FCG's subsidiaries, including Cars45 (Nigeria’s largest car-buying service), aim to revolutionize the operations of used automobile sales in these markets across various countries.

Industry Overview in Nigeria

Nigeria's used car industry has historically lacked innovation and advancement, marked by fragmentation, inadequate technological infrastructure, and prolonged transaction timelines. On average, car transactions can take 14-30 days, significantly longer than the s