Caroobi raises $20 million in Series B round

Caroobi, raises $20 million in investment with a recent Series B round led by NGP Capital (formerly known as Nokia Growth Partners).

Covered by TechCrunch, you can view the full article here, with a excerpt below.

‘The amount of this investment is notable when you consider the size of it versus the potential of Caroobi’s business today. The company says that in its current German footprint, for example, it works with only 750 mechanics today, but with a total addressable market of around 35,000 mechanics. It’s currently servicing some 2,000 cars per month and growing 100 percent month-over-month.

“The market potential is huge, and we currently have well below only one percent of it,” Michl said.

As Michl and his co-founder Nico Weiler explain it, Caroobi is providing a platform to fill what is effectively a gap in the legacy automotive market.

In many countries, one of the most common routes for repairing a car, or getting it serviced, is to use an independent garage or mechanic. But these days, as much of the process of finding and contacting tradespeople has moved online, much of the mechanic world has not come along.’

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