Frontier Digital Ventures (FDV) has increased its stake in Morroco’s leading used-auto vertical Moteur.ma from 48.7 percent to 56.6 percent, the company said in a statement.

FDV paid $300,000 U.S. for additional shares. In this new funding round, FDV invested $200,000 to acquire new shares in Moteur.ma and $100,000 to acquire vendor shares, the company said. “The acquisition was completed at an implied 6-8x multiple on forecast 2018 revenue,” FDV said.

Moteur.ma’s revenue has increased by 229 percent in 2H FY2017, to A$129,000 ($99,000 U.S.). The revenue for entire FY17 was A$200,000 ($154,000 U.S.)

This is Moteur.ma’s fourth capital injection from FDV (we reported about the previous injection here). Kuala Lumpur-based and ASX-listed FDV acquired its first 32 percent in Moteur.ma back in 2015. The business is an investment company of the Catcha Group.

Proceeds from the previous rounds were used to finance a guide that lists all the auto models available in Morocco and all technical forms for new-car brands available in Morocco’s dealerships.  The guide also contains a test-drive service and used-car price evaluation page. The company did not announce how the proceeds from this funding round will be used.

Moteur.ma has 124,000 listings. It had 1.1 million total visitors in February, according to SimilarWeb. – AIMGROUP