Beepi, a Los Altos, CA-based online platform to buy and sell cars, closed a $60m Series B funding.
Backers included Foundation Capital and SherpaVentures and 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. In conjunction with the funding, Steve Vassallo, General Partner at Foundation Capital, will be joining Beepi’s board.
The company intends to use the funds to accelerate growth and expansion of its platform.
Founded by Ale Resnik, CEO, and Owen Savir, COO, Beepi is a peer-to-peer marketplace to buy and sell cars online. It recently launched Beepi Prime – its customized delivery service – in 140 U.S. cities. The company also offers prospective buyers immediate pre-approval for loans at check-out and 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 bitcoin.
Beepi currently receives over 1,000 requests a week to sell cars from residents in the San Francisco Bay Area alone and recently expanded into the Los Angeles market.