The mechanic repair shop portal Caroobi receives a Series B financing led by growth-stage investors NGP Capital, with participation from Target Global and existing investors BMW iVentures, DN Capital and Cherry Ventures.
Based in Berlin, Caroobi was founded by Nico Weiler and Mark Michl two and a half years ago in September 2015. Today, Caroobi employs over 130 employees and repairs thousands of cars every month in the German market.
With this new financing, Caroobi will launch their European expansion and further develop its recently established spare parts marketplace.
BERLIN, SAN FRANCISCO, 4.6.2018 - Caroobi received 20M USD in Series B financing. As the first digital car repair shop, the company brought the automotive aftersales market online by offering remote diagnosis and fixed prices. With the new investment, Caroobi will further expand its recently launched marketplace for replacement car parts and kick off its international roll out. This will allow car repair shops in Germany, UK and France to efficiently order their spare parts and give car owners access to high quality automotive services.
“Having created two successful products with the repair platform and the software tool for our mechanics, we will now focus on expanding the spare parts platform for all of our partners and suppliers. Due to a parts distributor network of over 1000 in Germany alone, our platform has seen growth above 100% month over month since launch. For mechanics, the parts acquisition process has always been intransparent and inefficient. By sourcing our parts directly from manufacturers we are establishing a lean, efficient process in the market, which becomes more cost effective for our customers and partner mechanics.” says Mark Michl, Founder and managing director of Caroobi.
With the global venture firm NGP Capital and their investment focus on smart mobility, Caroobi has found a strong partner for its internationalization.
“We are looking for promising companies in the mobility sector globally and believe that the integrated model across the value chain that Caroobi is building has huge potential. The team is great and we are looking forward to supporting the company’s international expansion and building a global category winner", says Walter Masalin, Partner at NGP Capital.
“With this new investment we have enough capital to win in Europe and establish the dominant brand in the automotive aftermarket. In the new markets, we see the opportunity to better cover the demand in parts and services which currently the fragmented parts distributor networks and independent mechanics cannot adequately or efficiently provide for. We are looking forward to expanding together with NGP Capital.” says Nico Weiler, Founder and managing director of Caroobi.
Caroobi expands into the European market building out its offering providing high quality automotive services to its customers. Together with the company’s marketplace for spare parts launched earlier this year with a continuing growth rate of 100% month over month, Caroobi aims to become the category leader in Europe and beyond.
Caroobi is Europe's first online garage for car repairs. With just a few clicks, car owners can book repairs at a transparent, fixed price at one of its 750 certified Caroobi mechanics. While customers would usually be lured into a workshop for an initial diagnosis, Caroobi offers them an instant, remote inspection and all repairs come with a warranty of up to three years. Employing more than 30 car experts onsite, Caroobi is able to diagnose 80 percent of all car malfunctions correctly, remotely and regardless of the car manufacturer and model.
Caroobi was founded in October 2015 by Nico Weiler and Mark Michl. Today, the company employs more than 130 employees and repairs over 2000 cars every month in Germany, Austria and Switzerland. For its Service, Caroobi was awarded the best grade by TÜV Germany. Among its investors are Silicon Valley-based BMW i Ventures, London-based DN Capital and Berlin-based Cherry Ventures.
Links: Website | Facebook | LinkedIn
About NGP Capital
NGP Capital is a globally engaged venture capital fund backing growth-stage and revenue-generating technology companies that will shape and power a fully connected world. By operating one, global fund with over $1.2 billion under management, we extend us our companies’ reach via on-the-ground teams in U.S., Europe, India and China making our portfolio company products and services local everywhere. www.ngpcap.com