Beepi, a peer-to-peer marketplace that touts itself as a hassle-free way to buy and sell cars online, raised $60 million in venture funding Tuesday.
New investors Foundation Capital and SherpaVentures participated in Beepi’s latest round of funding, on top of $5 million it previously received in April. They were joined by existing investors Redpoint Ventures, the Silicon Valley Bank, SherpaFoundry CEO Tina Sharkey, OLX founder Fabrice Grinda, IG Expansion co-founder Jose Marin, Homeaway co-founder Brian Sharples, and former Loopnet CEO Rich Boyle.
The money will be used to build out Beepi’s presence in Los Angeles and beyond.
Beepi is perhaps the first online auto marketplace that accepts Bitcoin. Buyers can also use credit cards, bank transfers, and cashier’s checks to buy cars through the site. In addition to enabling the selling and buying of autos, Beepi gives prospective buyers the option of getting pre-approval for loans.
“Beepi is transforming the antiquated car industry. This investment will help us to continue to make significant strides to change how Americans are buying and selling cars, the most expensive purchase many people are making,” Beepi chief executive and co-founder Ale Resnik said in a release.