Connecticut-based eCommerce auto parts retailer to capitalize on consistent growth, expand to serve new geographic regions
MILFORD, Conn., Oct. 20, 2023 /PRNewswire/ — Today, Connecticut-based online auto parts retailer FCP Euro announced the successful completion of its Series A financing round totaling $25 million. The minority investment will be used for expanding the company’s footprint across new geographies, bolstering its commitment to delivering unparalleled quality European car parts to a broader audience.
The Series A funding was led by a prominent private investor. The capital infusion underscores confidence in FCP Euro’s vision and leadership as the world’s most trusted resource for European vehicle ownership, maintenance, and repair.
Within the growing automotive aftermarket, projected to reach $477 billion by 2024, FCP Euro has achieved a 30% CAGR over the past decade expected to surpass $200 million in sales for 2023. In addition, they have earned a spot on the prestigious Inc. 5000 fastest-growing privately held companies list 11 times. The company attributes their success with over 1.2 million customers to a curated product offering across 10 European car lines, combined with a heavy focus on digital community through its 290,000 YouTube subscribers and 63 million views since inception. FCP Euro will continue to focus on expanding their product offering and physical footprint to enhance brand awareness and speed of delivery.
“This funding not only propels us into our next phase of growth but stands as a testament to the hard work and dedication of our workforce, which is now over 240 strong. We are enthusiastic about our new partnership and eagerly anticipate the collaborative endeavors ahead” said Scott Drozd, CEO of FCP Euro. Nick Bauer, FCP Euro’s President, added “Scott and I are excited to continue leading what we started over 20 years ago. Our commitment to putting the customer and employee first will always remain, and this expansion is one more example of how we will drive value for our customers.”
About FCP Euro
Located in Milford, CT, FCP Euro is an online retailer of Genuine, OE, and OEM European auto parts specializing in BMW, Volvo, Audi, VW, Mercedes, and Porsche. Since 1986, FCP Euro has become widely recognized by enthusiasts in the community as their preferred source for parts. With a Lifetime Replacement Guarantee, Hassle-Free Returns, and Free Shipping, FCP Euro has continuously challenged and advanced the standards of quality, service, and technology in the automotive aftermarket. Visit www.fcpeuro.com or @fcpeuro on social media for more information.
SOURCE FCP Euro
Originally published at https://www.prnewswire.com/news-releases/fcp-euro-completes-25-million-series-a-minority-investment-to-fuel-geographic-expansion-301963548.html
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