Germany-based car mechanic marketplace operator Caroobi has received $20m in a series B round led by NGP Capital, the venture capital firm backed by telecoms equipment firm Nokia.
BMW iVentures, a corporate venturing subsidiary of carmaker BMW, participated in the round, which reportedly valued Caroobi at more than $100m. DN Capital, Target Global and Cherry Ventures also supplied capital.
Caroobi operates an automotive servicing marketplace that connects mechanics to motorists on the basis of car model, services required and pricing. The platform currently lists approximately 750 mechanics in Germany and is servicing an average of 2,000 cars company-wide each month.
The series B capital will enable Caroobi to expand its operations beyond Germany, Austria and Switzerland to markets including the UK, where it expects to launch imminently.
While NGP Capital said Caroobi aligns with its smart mobility investment strategy, BMW will initially treat the company as a financial investment, according to Mark Michl, co-founder and managing director of Caroobi.
Caroobi has raised approximately $30m in funding so far, TechCrunch claimed, including an undisclosed sum raised in a BMW-led series A round in July 2017 that featured both DN Capital and Cherry Ventures.