Israeli owned startup Beepi, an online marketplace for buying and selling used cars, ended 2014 on a high note raising $12.7 million in new funding from AngeList, the hub for early-stage startup investments, Digital Sky Technologies co-founder Yuri Milner and SAB Capital Management CEO and founder Scott Bommer. The money will be used to expand and promote the company’s services.
86 investors from the entertainment and financial communities came together to invest $2.7 million in what has been described as the largest deal ever done via crowd funding on AngelList.
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Founded by Ale Resnik, CEO, and Owen Savir, COO, Beepi is a new way to buy or sell a car entirely online. The company declares that 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 boasts that it is changing that experience by giving consumers an end-to-end experience when buying or selling a car.
Beepi CEO and co-founder Ale Resnik said, “As a peer-to-peer marketplace, Beepi is all about connecting people. We wanted to do the same thing with our investor base. AngelList is a fantastic platform to engage with individual investors. We’re excited to enable new people to share in our growth.”
Millie Tadewalt, AngelList Business Lead for Fundraising Products, said, “We are excited to have supported Beepi’s unprecedented raise through Gil Penchina’s syndicate. 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.”
Much like Tesla and Uber, Beepi has established itself as a disruptive force in the auto industry. Currently the company 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. As it continues to recreate how people approach buying and selling cars, Beepi will continue to expand its offerings and simplify the process for buyers and sellers alike.