Bipi raised €10.5M Series B round led by Adevinta
October 29, 2020
Bipi, a fast-growing car-as-a-service startup headquartered in Madrid, announced completing a series B funding round of €10.5M. The money was raised from investors led by Adevinta Ventures alongside Toyota AI Ventures, Atresmedia, and existing investors Maniv Mobility, IDC Ventures and TA Ventures.
Bipi is a leading European car subscription startup that offers consumers a hassle-free alternative to car ownership, with flexible monthly subscriptions on high-quality new and used cars for a single, all-inclusive monthly payment, using a digital-first, 100% online transactional process. It’s a kind of Netflix for transport.
Most players in the Mobility sector (carsharing, taxi, car rental) are working on the short-term goal of transporting you from point A to point B. Bipi’s product is different — they work for those who are not ready to give up personal transport.
98% of car transactions in Europe occur offline today, and Bipi is transforming this market into a 100% online experience, making it as easy as buying a pair of jeans. Bipi’s subscription model is highly flexible and is a simple way for consumers to access a new car – and everything else that car ownership entails – without purchasing one outright. Bipi has become a new distribution, payment and digital platform for many fleet owners, including some of the world’s leading leasing companies, carmakers and dealerships.
TA Ventures invested in Bipi for the first time in 2019, expectations were exceeded by Bipi’s team, delivering outstanding growth, even in difficult times. So when the Series B came together it was not a hard decision to follow-on and double down on Bipi.
«Backing Hans and his team for the second time was a no-brainer for us. You rarely meet a more hard-working and dedicated team. Their passion, relentless focus on the customer experience and on making data-driven decisions has been an inspiration for us», — says Pawel Schapiro, Partner at TA Ventures.
Hans Christ, co-founder and CEO of Bipi, added: “We’re delighted to announce the first part of our Series B financing round. Our partnership with Adevinta, Toyota AI Ventures and A3 Media is a game-changer for Bipi, and we look forward to unlocking new pools of demand and offering more people new ways of accessing a car. Our mission is to digitize the car experience, making vehicle access enjoyable and stress-free. We will use the funds to grow more aggressively in Spain, expand to new markets and grow our tech and management team”.
Viktoriya Tigipko, Founding Partner at TA Ventures and President of ICLUB points to Bipi’s growth: «We are very excited about the fully digital process of flexibly subscribing to a vehicle instead of buying or leasing it. Bipi’s exceptional growth and outstanding customer feedback has confirmed their position at the forefront of the car-as-a-service market in Europe».
Together with this new financing, Bipi has successfully raised a total of €20M from investors in the last three years. Bipi leads the market in Spain for digital car subscriptions and will use the new funding to further accelerate its local growth, add new talent to its current team of 80 employees, invest in technology, and prepare its expansion to new European markets, including France. Bipi’s impressive growth has continued through the most difficult parts of the COVID period, with customers looking for private mobility options turning to Bipi as the most consumer-friendly car access platform in Spain.