Oslo, 28 October 2020 - Adevinta Ventures, the investment arm of Adevinta, is investing in Bipi, Spain’s fast-growing car-as-a-service startup headquartered in Madrid, Spain, in a €10.5 million Series B funding round, alongside Toyota AI Ventures, Atresmedia, and existing investors Maniv Mobility, IDC Ventures and TA Ventures. This is Adevinta Ventures’ first investment in Spain.
Founded in Madrid in 2017, Bipi is a leading European car subscription startup, offering consumers a hassle-free alternative to car ownership with fully-flexible, all inclusive monthly subscriptions to high quality new and used cars for a single, all-inclusive monthly payment and a digital-first, 100% online transaction process.
Bipi is the market leader in Spain, and will use this new funding to further accelerate its growth in the Spanish market by hiring new talent, investing in technology, and entering new European markets including France. Bipi’s business in France is already live and onboarding new customers. Bipi continued to grow through the most challenging periods of the COVID-19 pandemic as customers sought to find flexible alternatives to car ownership.
Ovidiu Solomonov, SVP Global Markets and Ventures at Adevinta, says:
We are very excited to join the ride with Bipi. Together with Hans, Alejandro and their team, we are exploring new ways to address our users' needs, and to improve the car-as-a-service market, by offering a fully digital and more flexible experience.
Hans Christ, co-founder and CEO of Bipi, says: “We’re delighted to announce this next milestone in the growth of Bipi. Our partnership with Adevinta Ventures is a game changer in terms of unlocking new pools of demand and offering our customers new ways of accessing a car. Our mission is to digitise the car experience, making vehicle access enjoyable and stress-free. We will use the funds to grow more aggressively in Spain, expand into new markets and grow our tech and management team.”
About Adevinta Ventures
Adevinta Ventures is the investment arm of Adevinta, a global online classifieds specialist, operating leading digital marketplaces in 15 countries. Adevinta Ventures invests in fast-growing European startups that can shape the future of marketplaces (sweet spot in Series A and Series B) with initial investments of up to €5 million and follow-on capacity. Leveraging the top positions of Adevinta's brands (e.g. leboncoin, Coches.net, Subito, Shpock) Adevinta Ventures adds strong value and is a long-term partner to portfolio companies. Current portfolio and key investment areas include proptech (Kodit, Flatfair), future of work (Medwing), mobility (PaulCamper, Bipi) and fintech. Find out more at Adevinta.com/ventures.
About Bipi
Bipi is a car-as-a-service marketplace based in Madrid, Spain, offering monthly all-inclusive car subscriptions. Bipi´s mission is to replace the traditional car ownership with a more flexible and seamless digital experience. With Bipi you can subscribe to your favorite car in less than 2 minutes, keep it as long as you want, swap it or cancel all for one simple monthly payment with everything included (insurance, maintenance, roadside assistance, and tax). Bipi aims to revolutionize the way people across the world access cars. Visit our website www.bipicar.com for more information.
