Beepi Gets $60M More In Funding For Its Peer-To-Peer Car Marketplace

Auto sales marketplace Beepi is looking to grow fast and it’s raised a bunch of money to do so. The company announced today that it closed on a $60 million round of funding fewer than six months after launch.

Beepi wants to simplify the way pre-owned cars are bought and sold for a new generation of consumers. Rather than getting ripped off by a dealership or having to deal with the hassle of selling via marketplace like Craigslist, Beepi helps sellers make more money by listing their cars on its marketplace and taking a small portion of the sale. Meanwhile buyers get peace of mind due to the extensive inspection process Beepi does for vehicles before they’re listed.

The new funding round, which was first reported by Re/code, comes from Foundation Capital and Sherpa Ventures, which join existing investors Redpoint Ventures, SherpaFoundry CEO Tina Sharkey, OLX founder Fabrice Grinda, IG Expansion co-founder Jose Marin, Homeaway co-founder Brian Sharples, former Loopnet CEO Rich Boyle, and Silicon Valley Bank. Beepi had previously raised $5 million in April.

With the new funding, Beepi will no doubt be looking to expand. After launching in the San Francisco Bay Area in the spring, the company expanded sales to Los Angeles early last month.

More importantly, the company added a ‘Prime’ shipping option that opens up sales of cars listed on its marketplace throughout California and neighboring states. By doing so, Beepi can draw from a greater number of buyers to purchase cars from its site.