The Spanish beep has been acquired by a company in the automotive sector (whose name has not been disclosed),. To date, Bipi had managed to raise a total of more than 25 million euros in successive rounds of financing in the last three years.
What is Bipi?
The startup is the pioneer of subscription car in Spain, a concept that seems to have been born to stay because, according to the , it is expected that by 2025 this will be the model followed by 10% of cars in Europe and the United States.
The Bipi model is aimed at those users who are not attracted to the idea of leasing or buying a car, but who need to drive one: the client has to pay a monthly fee and, in return, you have the car you select with everything included (insurance, maintenance, road taxes, roadside assistance, ITV, delivery and collection). Your only concern outside of subscription will be making sure the tank has fuel.
The customer can choose the model he wants among all the options available in his … and change it whenever he wants with total flexibility, deciding length of stay: from 1 month to 24 months. The longer the duration of the contract, the lower the monthly fee.
beep offers solutions for those who need a car on a recurring basis without having to buy one: the request for the vehicle is made completely digitally and trips to the dealership are totally excluded from the process.
A crucial year for Bipi
This sale operation takes place in a year that had started very well for the company. Thus, in February Bipi announced the closure of a Series B round worth €16.5 million, 6 of which were contributed by the Italian fund P101 SGR, through its second fund P102 and the ITALIA 500 fund. As the company explained at the time “The entry of new investors positions Bipi with a competitive advantage in Spain and other markets to continue growing and expanding the business model.”
HansChrist, co-founder and CEO of Bipi, points out: “We are delighted to see the enthusiasm of investors for Bipi and to have the support of P101 SGR, one of the most important Italian investment groups. With this new financing we will invest in talent, products and technology to scale more quickly to new markets and already dominate those in which we operate”.
In October 2020, Bipi started to operate in and in February of this year announced its plan to be launched on the Italian market in the coming months, positioning Italy as the third country with presence of the company.
A round of financing with precedent
In June 2019 Bipi closed another Series A of 6.5 million euros led by the Israeli fund Maniv Mobilitywhich is one of the most relevant in terms of global mobility, in which investors such as Kibo Ventures, TA Ventures and IDC Ventures also participated.
At that time, Bipi explained that «This support would allow it to achieve its goal of consolidating itself as the only Spanish player in the car subscription model and, at the same time, opening up to other markets in Europe. In addition to establishing new agreements with partners, insurers, banks and car brands to continue growing, expand its team of engineers and open up to new markets».
The founder and CEO of Bipi, HansChristthen expressed his gratitude for this round: “We are very happy that Maniv, one of the most important mobility funds in the world, has opted for Bipi. We both share the view that going to a dealership and buying a car is a thing of the past. The future of the automotive sector is to pay a monthly fee for an all-inclusive subscription (insurance, maintenance, assistance), and also with the flexibility of being able to change or return it whenever you want or need it. All this from your mobile phone.
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