Beepi, a peer-to-peer marketplace to seamlessly buy and sell cars online, has closed $60 million in Series B funding. The new capital will allow Beepi to accelerate the growth and expansion of its platform, bringing hassle-free car buying and selling to consumers across the United States. Beepi matches buyers with sellers and guarantees the sale of the car in 30 days. The company 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.
“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”
“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 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.
Investors in this funding round included, 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.
Beepi was founded by Ale Resnik, CEO, and Owen Savir, COO. Currently the company receives over 1,000 requests a week to sell cars from residents in the San Francisco Bay Area alone.