Car repair platform Fixico extends Series A round to €12 million
Digital car repair management platform Fixico has extended its Series A round by €5 million, closing the total at €12 million. Autotech Ventures led the round, and all existing shareholders such as Finch Capital actively participated. Madrid-based Mundi Ventures also joined Fixico’s investor base.
To date, Fixico has raised €19.3 million in total. The new funds will accelerate Fixico’s product development and strengthen its core markets’ footprint and help expand across Europe.
Fixico is a Dutch technology company that aims to redefine the car damage repair industry. This is in response to the problem that the current repair process is time-consuming and inefficient, involving numerous calls, emails, and physical inspections in a one-size-fits-all procedure.
Fixico offers a digital platform that seamlessly handles car damage repairs for drivers, insurers and fleet owners and enables smart “matchmaking” between types of car damage and body repair shops. It enables customers to quickly identify the most suitable body repair shop for the job while taking critical factors such as availability, expertise, and price into consideration.
Fixico currently works with over 150 companies in the fleet, rental, insurance and leasing industry. The platform gives access to more than 2,500 body repair shops via a cross-border and unique marketplace network. Fixico is currently active in six countries: the Netherlands, Belgium, Luxembourg, France, Germany, and South Africa.
"Last year was a tough one for the car damage repair industry. But even amidst a global pandemic, Fixico grew 300 percent,” said Derk Roodhuyzen de Vries, CEO and co-founder of Fixico. “This Series A round extension gives us the firepower to continue our growth trajectory and become the European digital leader of the car damage repair industry. Next quarter, we’re launching in three more European countries: Italy, Austria, and Denmark. In all likelihood, we will add three to five countries to our expansion plans soon, with the UK and Spain at the top of our wish list. We are thrilled to now have Mundi Ventures on board, as they bring knowledge of and access to a vast and cross-border insurance and mobility network."
Following the closing of the round, Simon Rothman joined the Fixico supervisory board.
Rothman is known as an early pioneer of online marketplaces and network effect businesses. He joined eBay when it was a small US collectables auction business and helped scale the company to nearly 200 million users, generating over $40 billion in annual sales.
While at eBay, he was the founder of eBay Motors. Within six years, he built eBay Motors into a $14 billion-a-year global business, making it the world’s number one automotive marketplace.
Rothman is a long-time angel investor and venture capitalist with a passion for marketplaces and mobility. He served as an early-stage board director at Tesla, Cargurus, Convoy, and Nuro. He is also an advisor of and/or angel investor in successful technology companies such as Lyft, Lime, Getaround, Aurora, Fiverr, and Poshmark.
“During my past tenures at both eBay Motors and Tesla, I've personally become extremely passionate about marketplaces and mobility,” he said. “It's a unique opportunity to find such a compelling company as Fixico that sits at the intersection of a marketplace within the mobility sector. From my perspective, Fixico’s use of network dynamics to connect repair shops with vehicle owners has the potential to transform the car repair industry fundamentally.”
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