Italian Venture capital P101 SGR raises €6M funding for Spanish car subscription startup Bipi
  • Series B funding round totals €16.5M for Bipi that has successfully raised a total of 25 million euros.
  •   P101 SGR- via its second fund P102 and ITALIA 500 (a fund by Azimut Group) – leads €6M extension for Series B funding round announced in November, which was led by Adevinta Ventures with participation by Toyota AI Ventures, AtresMedia, IDC Ventures, Maniv Mobility and TA Ventures
  •   Bipi is a leading European car-as-a-service marketplace startup operating since 2017, 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 transactional process.
  • Bipi will use the additional funds to grow the tech and product team and accelerate its expansion to new markets, including Italy, the company’s third country after Spain and France. 

 Italian Venture Capital P101 SGR – via its second fund P102 and ITALIA 500 (created by Azimut Libera Impresa SGR and managed under mandate by P101) – leads €6M extension for Series B funding round for Spanish car subscription startup Bipi.

The additional funding brings the total round to €16.5M. The first closing of the round in November 2020 was led by Adevinta Ventures, investment arm of the European online classified leader Adevinta, alongside new investors Toyota AI Ventures and AtresMedia and with participation by earlier investors, automotive venture capital fund Maniv MobilityIDC Ventures and TA Ventures.

The additional funding will be used to further accelerate its local growth, recruit new talents to its current 100 employees, invest in technology and product, and prepare its expansion to new European markets, such as the launch in Italy, announced in the coming weeks.

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. 98% of car transactions in Europe occur offline today, and Bipi is transforming this market into an 100% online experience, as easy as buying a pair of jeans.

Bipi’s subscription model is a highly flexible and simple way for consumers to access a new car – and everything else that car ownership entails – without purchasing one outright. Customers browse through Bipi’s wide selection of new and used cars from a wide range of brands and models, choose a car and get it delivered to their home within days, paying a single, all-inclusive monthly subscription fee without any upfront payments.  In contrast to purchasing, financing or leasing a car, everything is included in the monthly payment, – delivery, insurance, maintenance, roadside assistance, annual registration fees and more – and consumers choose flexibility of choice and the possibility to swap cars anytime. Bipi has become a new distribution, payment and digital platform to many fleet owners and some of the world’s leading carmakers, dealerships and leasing banks.

Bipi is operating in a high-growth market; according to McKinsey, subscription models saw more than 100% annual growth over the past five years. Frost & Sullivan predicts that car subscription models will represent around 10% of all car sales by 2025. Spain is the fastest growing market for passenger vehicles Car-as-a-Service in Europe.

Bipi’s ambitious growth to-date has persisted through the most difficult parts of the COVID period, with growing waves of customers looking for private mobility options and turning to Bipi for the most digital, consumer-friendly car access platform anywhere.

“We are proud to be backing Bipi – stated Andrea Di Camillo, founder and managing partner of P101 – Hans and his team have created a business model and a service that are going to accelerate the access to cars, making it more and more digital and simple, bringing great advantages for consumers, carmakers, and fleet managers. With our investment we want to contribute to the development of this service in Europe and Italy in particular.”

“Hans and his team’s tenacity and resilience through these months have further convinced us of the company’s capabilities” – added Alessandro Tavecchio, Junior Partner at P101.

“The investors’ enthusiasm for Bipi makes us proud – commented Hans Christ, co-founder and CEO of Bipi. – We are excited to partner with P101, a fund that shares our conviction that car subscriptions are going to permanently change the face of automotive retail in Europe. With P101 new funding and support we will invest in talent, product and technology to scale faster into new markets and lead the ones where we currently operate.”

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