OLX Group invests in Frontier Car Group at a $700M Valuation

OLX Group, Prosus’ classifieds business, has announced an investment of up to $400M in Frontier Car Group (FCG), a Berlin-based startup that is building an online marketplace for used cars in emerging markets. The investment is a mix of equity, secondary share acquisitions, and existing business shares. With this investment, OLX Group is now the company’s largest single shareholder.

Frontier operations now include Nigeria, Mexico, Chile, Pakistan, Indonesia, and the USA. “FCG has nearly tripled performance across every key metric since the first OLX Group investment less than 18 months ago and has expanded to four new countries in that time,” said Sujay Tyle, the co-founder, and CEO, in a statement. The investment puts FCG at a $700M valuation.

Micro-mobility startup Voi raises $85 million

Voi Technology, a European startup that provides e-scooter services in 38 cities across 10 European countries announced a Series B funding of $85 million. The round saw participation from Balderton Capital, Creandum, Project A, JME Ventures, Raine Ventures, Kreos Capital, Inbox Capital, Rider Global, and Black Ice Capital.

Ever since its inception in 2018, Voi has been providing e-scooter rentals across Europe. It recently started to expand its services to include e-bike rentals. The company has over 4 million registered users and has powered 14 million rides.

Trucking logistics company Lori Systems raises Series A round

Lori Systems, an African on-demand truck logistics company has raised a Series A round. The amount raised remains undisclosed.  “Lori has never released fundraising details as we feel it is a vanity metric that distracts from what matters most: our mission of lowering the cost of goods in frontier markets,” Lori Systems co-founder Jean-Claude Homawoo said in a statement.

The round was led by Chinese investors Hillhouse Capital and Crystal Stream Capital.