Caroobi has raised $20 million as the Berlin-based company seeks to expand its marketplace for auto repairs across Europe.
Founded in 2015, Caroobi has developed software that allows mechanics to make remote diagnosis of autos and offers fixed prices for repairs. A team of 30 car experts who work for Caroobi diagnose the cars from the company’s offices and advise what services are needed.
The service then lets car owners book repairs with one of the 750 mechanic shops on the company’s platform. It also runs a network of spare parts distributors to help repair shops source the right materials.
Caroobi plans to use this latest funding to grow its parts network, as well as expand internationally into the U.K. and France.
“With this new investment we have enough capital to win in Europe and establish the dominant brand in the automotive aftermarket,” said Nico Weiler, cofounder and managing director of Caroobi, in a statement. “In the new markets, we see the opportunity to better cover the demand in parts and services which currently the fragmented parts distributor networks and independent mechanics cannot adequately or efficiently provide for.”
Caroobi was founded by Weiler and Mark Michl and now has 130 employees in Germany, Austria, and Switzerland.
The latest round was led by NGP, formerly Nokia Growth Partners, but also included Silicon Valley-based BMW i Ventures, London-based DN Capital and Berlin-based Cherry Ventures. Target Global is also among the investors. Among its areas of interest, NGP has been focused recently on disruptive mobility services.
“We are looking for promising companies in the mobility sector globally and believe that the integrated model across the value chain that Caroobi is building has huge potential,” said Walter Masalin, partner at NGP Capital, in a statement. “The team is great, and we are looking forward to supporting the company’s international expansion and building a global category winner.”