Accel leads €20m series-B for Brumbrum

Newcomers Bonsai Ventures and eVenturestook part in the funding round, as well as existing investor United Ventures.

Brumbrum plans to use the fresh capital to further consolidate its market position in Italy and expand into other European countries.

Following the deal, Accel principal Luca Bocchio will take a seat on Brumbrum's board to support the management.

Accel is currently investing from its Accel London V fund, which held a first and final close on its $500m hard-cap in April 2016. The vehicle makes early- and growth-stage investments in technology companies primarily operating in the software-as-a-service, e-commerce and IT sectors.

Previous funding
United Ventures led a €10m series-A funding round for Brumbrum in January 2018. The firm deployed capital from its second fund, United Ventures 2.

Company
Established in 2016 and based in Milan, Brumbrum operates an online platform that allows users to browse and purchase used cars and offers finance options, home delivery and free returns within 14 days of purchase. The company's operations are powered by its proprietary machine algorithms, which are used for sourcing and pricing the vehicles. In addition, Brumbrum offers long-term car rental and leasing options. The company employs 50 staff.

People
Brumbrum - Francesco Banfi (founder, CEO).
Accel – Luca Bocchio (principal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Accel Ventures
• Italy
• Venture