VCs exit Caroobi to Deutsches Werkstattnetz

Venture capital investors including DN Capital, Cherry Ventures, NGP Capital and Target Global had previously invested in the company, as had the corporate venture arms of Nokia and BMW.

Deutsches Werkstattnetz is an investment vehicle headed by entreprneur Dimitrij Ozeransky.

Previous funding
Cherry and DN took part in an early-stage round for Caroobi in April 2016. Cherry first invested in the company via its second fund.

In July 2017, BMW iVentures led a series-A funding round for Caroobi, with participation from existing investors DN and Cherry.

In June 2018, BMW iVentures, Cherry, DN, Nokia Growth Partners and Target Global backed a $20m series-B round for Caroobi. The company was valued at €90m in its latest funding round.

Company
Founded in 2015, Caroobi is an online platform that allows users to book car repairs with its partnered garages. The company is based in Berlin and employed 130 people in 2018.

The Bundesanzeiger corporate register shows that the company reported a loss of more than €8.5m in 2018, an increase of more than €3.6m on its 2017 loss.

Caroobi reported revenues of €14.6m in 2018, which was more than double its 2017 revenues, according to Bundesanzeiger. The statement added that, as of September 2019, the company did not anticipate any further capital injections in the next 18 months.

People
Caroobi – Nico Weiler, Mark Michl (managing diretors).
Deutsches Werkstattnetz – Dimitrij Ozeransky (founder).

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• Topics
• Exits
• DACH
• Consumer
• Trade sale
• Germany
• DN Capital
• Target Partners