Industry Press Releases

Beepi Closes Largest Ever Crowd Funded Investment on AngelList

Tuesday, Dec 30, 2014
Pressreleases

LOS ALTOS, Calif.--(BUSINESS WIRE)-- Beepi, the leading peer-to-peer marketplace to seamlessly buy and sell cars online, today announced it has closed a funding round from the largest syndicate in AngelList history. 86 investors from the entertainment and financial communities have come together to invest $2.7 million in the largest deal ever done via crowd funding on AngelList.

In addition to this crowd sourced funding, four new prominent investors are now backing the company including Digital Sky Technologies co-founder Yuri Milner and SAB Capital Management CEO and founder Scott Bommer. The new investment this round totals $12.7 million.

"As a peer-to-peer marketplace, Beepi is all about connecting people. We wanted to do the same thing with our investor base,” said Beepi CEO and co-founder Ale Resnik. “AngelList is a fantastic platform to engage with individual investors. We’re excited to enable new people to share in our growth."

"We are excited to have supported Beepi's unprecedented raise through Gil Penchina's syndicate,” said Millie Tadewalt, AngelList Business Lead for Fundraising Products. “This is an excellent example of the AngelList platform enabling dozens of distributed angels to efficiently come together, invest in and support startups like Beepi."

This funding comes on the heels of the company’s $60 million Series B round from Foundation Capital and SherpaVentures.

Beepi has established itself as a disruptive force in the auto industry, offering consumers a powerful new option that bypasses the outdated dealership model. With Beepi, consumers can buy or sell a car completely online without the frustration of haggling or fear of overpaying. Currently Beepi delivers cars to 140 US cities and receives over 1,000 requests a week to sell cars from residents in the San Francisco Bay Area alone. Beepi will continue to expand its offerings and simplify the process for buyers and sellers alike.

About Beepi

Founded by Ale Resnik, CEO, and Owen Savir, COO, Beepi is a new way to buy or sell a great car completely online. For too long, buying and selling a car has been a complex and even terrifying process—whether it be because of poor experiences at dealerships, spending too much time haggling over prices, or ending up with a vehicle that falls way below expectations. Beepi is changing that experience by giving consumers an end-to-end experience when buying or selling a car; one that’s also fast, simple, safe and fun. For more information, please visit www.beepi.com.