United Ventures leads €10m round for Brumbrum
United Ventures has led a €10m round for Brumbrum, an Italian online car retail platform.
This is the first investment from the VC's second fund, United Ventures 2. The vehicle held a €75m first close at the end of 2017 and has a target of €120m, which it aims to reach in 2018. The fund targets early-stage and series-A investments in software, ICT and digital technology companies. It attracted mainly Italian institutional investors including Fondo Italiano d'Investimento, Fondazione Banco di Sardegna, Banca Sella Holding and Banca Mediolanum. EIF also supported the fund with €25m.
The series-A will support the continued growth of the business.
Company
Based in Milan, Brumbrum operates an online platform allowing users to browse and purchase used cars. It aims to facilitate the process by offering finance options, home delivery and free returns during a certain period of time.
The company was founded in 2015 and started operating in 2016.
People
United Ventures – Paolo Gesess (managing partner).
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