Richmond-based CarLotz has raised $30 million in equity capital through TRP Capital Partners to fund continued expansion of the 6-year-old used vehicle consignment business.
The company, founded in 2011, plans to use the capital to add a minimum of 10 new locations over the next two years, said Michael Bor, CarLotz co-founder and CEO.
It now has five locations — three in Virginia and two in North Carolina.
“I think these investors recognize the scalability of our business and how we’ve grown like we have with just a few stores in two states,” Bor said.
