Bipi, the Spain-based operator of a car rental service, secured €10.5m ($12.4m) yesterday in a series B round featuring media group Atresmedia and subsidiaries of classified listings operator Adevinta and carmaker Toyota.
Atresmedia, Adevinta Ventures and Toyota AI Ventures were joined in the round by venture capital fund IDC Ventures and VC firms Maniv Mobility and TA Ventures.
Founded in 2017. Bipi runs a service that allows users to rent new or used vehicles through a monthly subscription fee they can pay online. The cash will go to recruitment, technology development and expansion into additional European countries beginning with France.
Hans Christ, Bipi’s co-founder and chief executive, said: “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.”
The company closed a $3m seed round in 2017 that was led by Kibo Ventures and backed by Stella Maris Partners and B4Motion. It then added $7.4m in a June 2019 series A round led by Maniv Mobility that also featured Kibo Ventures, IDC Ventures and TA Ventures.
