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Caroobi secures millions in funding led by BMW, DN Capital and Cherry Ventures




Caroobi secures millions in funding led by BMW, DN Capital and Cherry Ventures


Caroobi secures millions in funding led by BMW, DN Capital and Cherry Ventures

● Berlin-based startup Caroobi, a platform that allows users to book car repair services online, has concluded its Series A financing round led by BMW i Ventures (BMW’s venture capital arm), DN Capital and Cherry Ventures.

● Caroobi is Europe’s first digital garage for consumers to repair their car. Customers can easily book car repairs on-the-go through desktop or mobile devices at a guaranteed fixed price with highly qualified and reviewed mechanics. The company plans to use the new funding to further improve customer experience and tech integration with their partner garages.

● Caroobi was founded by Nico Weiler and Mark Michl in October 2015. Today, the company employs more than 60 people and services several thousand of cars each month throughout Germany.

 

SAN FRANCISCO / LONDON / BERLIN, 03.07.2017 – Carsharing, autonomous driving and connected cars – these are just a few examples proving that the automotive industry has reached the digital age. But when your engine starts making suspicious noises, the search for a reliable mechanic can be as inconvenient as it was 50 years ago.

Caroobi, Europe’s first online garage, puts an end to this. With just a few clicks, car owners can book repairs at a transparent, fixed price at one of its 400 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 two 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.

The deal, which was finalized earlier this month, marks BMW i Ventures first investment in an automotive startup in Germany. “BMW i Ventures is interested in companies that challenge the status quo. Caroobi has both the product and the team to drastically change the independent aftersales market in Germany. We are very much looking forward to working with the Caroobi team and supporting the company in the further growth phase”, says Christian Noske, Partner at BMW i Ventures. Caroobi today supplies a significant volume of replacement parts to its partner garages. In the future, the partnership with BMW will help Caroobi to establish higher quality standards in the independent automotive aftermarket.

Existing investors, DN Capital and Cherry Ventures, have also doubled down on their initial investment in this financing round.

“We’re delighted to be joined by BMW i Ventures at Caroobi for their next phase of growth. When DN led the seed round in Caroobi, we were convinced by the team’s vision of bringing quality assurance, fair pricing and a seamless digital experience to the automotive aftermarket, and the fact that one of Germany’s leading automotive companies have joined us in investing in Caroobi is a fantastic validation of those initial convictions”. Thomas Rubens, a partner at DN Capital said.

The company plans to use the newly invested capital to further simplify the online booking process and to improve remote diagnostics of car malfunctions. Furthermore, the company will further develop its software for partner garages in order to minimize their administrative effort and costs. By the end of 2017, Caroobi intends to have grown from 60 to over 100 employees and to further expand its leading position in the market. For the time being, the company does not plan to expand internationally.

“For now, we will continue focusing on the German market and will work towards our goal of making the experience for our customers as effortless and satisfactory as possible”, says Mark Michl, founder and Managing Director of Caroobi.

“In the future, we not only want to diagnose car malfunctions, but also use technology to predict and proactively resolve them. Our customers should have the security of not having to experience unwelcome surprises any longer”, says Nico Weiler, founder and Managing Director of Caroobi.

 

About Caroobi


Caroobi is Europe’s first online garage. Via the Caroobi platform car owners can book repairs at a transparent, fixed price at one of over 400 certified Caroobi partner car repair shops. Caroobi’s team of car repair experts guarantees a fixed quote and a convenient, remote diagnose for car repair. Nico Weiler and Mark Michl founded Caroobi in 2015 in Berlin. Today, Caroobi employs more than 60 people. For more information, visit: https://caroobi.com/ and follow Caroobi on Twitter: @teamcaroobi.

About DN Capital


DN Capital is a global early stage and growth capital investor focused on Seed, Series A and select series B investments in marketplaces, fintech, SaaS, digital media, e-commerce, mobile applications and software companies. The firm was founded in 2000 and has operations in London, Berlin and Silicon Valley. DN Capital’s previous funds are top performers and the firm is one of the lead investors in companies such as Endeca (sold to Oracle), Shazam (one of the world’s leading mobile app), Auto1 (world’s largest used car marketplaces), Purplebricks (IPO London) and Quandoo (sold to Recruit). The professionals at DN Capital bring over 75 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Additional information about the firm and its portfolio companies can be found at http://www.dncapital.com.

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