Beepi, a peer-to-peer marketplace to buy and sell cars online, has raised $60 million in Series B funding. Foundation Capital and SherpaVentures invested in the funding round, joining existing investors Redpoint Ventures, SherpaFoundry chief executive officer Tina Sharkey, OLX founder Fabrice Grinda, IG Expansion co-founder Jose Marin, Homeaway co-founder Brian Sharples, former Loopnet CEO Rich Boyle and Silicon Valley Bank.
Beepi, the leading peer-to-peer marketplace to seamlessly buy and sell cars online, today announced it has closed $60 million in Series B funding. In this round, Foundation Capital and SherpaVentures join existing investors Redpoint Ventures, SherpaFoundry CEO Tina Sharkey, OLX founder Fabrice Grinda, IG Expansion co-founder Jose Marin, Homeaway co-founder Brian Sharples, former Loopnet CEO Rich Boyle and Silicon Valley Bank. The new infusion of capital will allow Beepi to accelerate the growth and expansion of its platform, bringing seamless, hassle-free car buying and selling to consumers across the United States.
“Beepi is transforming the antiquated car industry. This investment will help us to continue to make significant strides to change how Americans are buying and selling cars, the most expensive purchase many people are making,” said Ale Resnik, CEO and co-founder of Beepi. “The past six months have shown us that there is a real demand to buy and sell cars 100% online and we’re excited for the next stage of growth for the company.”
This Series B funding comes on the heels of Beepi’s recent expansion into the Los Angeles market and the introduction of Beepi Prime – its exclusive, customized delivery service – in 140 U.S. cities. As part of its seamless financing experience, the company also offers prospective buyers immediate pre-approval for loans at check-out. Buyers can pay for any car in the Beepi marketplace with a bank transfer, cashier’s check, up to six different credit cards at once or even bitcoin.
“As early investors in Lending Club, we saw the power of marketplace lending to enable both sides of a financial transaction to win — for transparency and simplicity to make everyone better off. We are thrilled to back Beepi, which is reinventing another hundred year old industry with the world’s first high-trust, peer-to-peer, used car marketplace that when combined with compelling auto financing options has the potential to blow open a massive market opportunity hidden in plain sight,” said Steve Vassallo, General Partner at Foundation Capital, who will be joining Beepi’s board.
“Uber has shown that huge segments of the population are being reshaped by the on-demand economy. Much like Uber revolutionized personal transportation, Beepi is revolutionizing the way we think about buying and selling cars,” said Shervin Pishevar, Managing Director & Co-Founder of SherpaVentures and Strategic Advisor and Board Observer at Uber. “Beepi takes a wildly unpleasant experience like buying a used car and transforms it into one filled with delight, trust and ease. This investment is an opportunity to bring that joyful Beepi experience to people across the country,” stated Pishevar, who will also become a Board Observer at Beepi.
Much like Tesla and Uber, Beepi has established itself as a disruptive force in the auto industry. Currently the company receives over 1,000 requests a week to sell cars from residents in the San Francisco Bay Area alone. As it continues to recreate how people approach buying and selling cars, Beepi will continue to expand its offerings and simplify the process for buyers and sellers alike.
Founded by Ale Resnik, CEO, and Owen Savir, COO, Beepi is a new way to buy or sell a great car completely online. For too long, buying and selling a car has been a complex and even terrifying process — whether it be because of poor experiences at dealerships, spending too much time haggling over prices, or ending up with a vehicle that falls way below expectations. Beepi is changing that experience by giving consumers an end-to-end experience when buying or selling a car; one that’s also fast, simple, safe and fun. For more information, please visit www.beepi.com.