Vimcar raises $13M in Series B funding to automate fleet management for SMBs
Munich – 18th December 2018. Vimcar, a Berlin based SaaS startup for fleet management, today announced their $13M Series B round, led by Acton Capital with participation from existing investors Coparion, UVC Partners and Atlantic Labs. This round of financing will further fuel Vimcar’s growth and ambition to build the one-stop fleet management solution for SMBs. With a funding total to date adding up to $21M, Vimcar is on its way to become Germany’s most promising connected car startup.
Founded by Andreas Schneider, Christian Siewek and Lukas Weber, Vimcar originally launched with a pure mileage logging product (to track business mileage for taxation purposes), but then quickly extended their offering with a fleet management platform – specifically designed for the needs of small to medium-sized companies. With its easy to use OBD aftermarket hardware and various applications for drivers and fleet managers, Vimcar has already connected more than 50,000 cars. Still focusing on the German market, Vimcar managed to acquire major customers like Allianz, Zalando, Ford, Knauf, Adecco and Deutsche Bahn
Co-Founder and Managing Director Christian Siewek: “When it comes to business vehicles, the to-do lists for SMBs seem to be endless. Vimcar aims at digitizing the entire vehicle management cycle and already automates many of their customers’ daily routines. We help companies to focus on their actual business instead of wasting time on fleet administration.” Since the Series A financing in March 2017, the product has been continuously extended: today Vimcar does not only allow for compliant mileage logging but also covers route tracking, driver licence checks, contract management, geo-fencing, cost data documentation, fuel card integrations and booking of pool cars.
The funding comes as the company is facing the next level of growth in the B2B market for fleet management. The new capital will be used to accelerate development, to expand its product offerings, as well as for investments into more aggressive sales and marketing activities alongside entering new markets outside Germany. With Acton Capital (investors in Finanzcheck, HomeToGo, Etsy, OnVista and Zooplus), one of the major players in the European VC landscape is investing in Vimcar. According to Managing Partner Dr. Christoph Brau, “Vimcar has built an excellent SaaS solution that is addressing clear pain points of SMEs and is getting a very strong market feedback as a result. Vimcar clearly has the potential to become a core element of tomorrow’s business mobility.”
In addition to the Series B funding round, the company announces their compatibility via BMWs direct API (BMW CarData). Compatible BMW vehicles can now use Vimcar products without the need of additional aftermarket hardware. The company views BMWs decision to “open up”as trend-setting for the entire industry and expects other manufacturers to follow. Siewek: “The future of connected cars doesn’t have to be shaped in Silicon Valley. If the German OEMs join forces with innovative startups, they will remain at the forefront of connected vehicle services.“
Vimcar is a SaaS and IoT startup based in Berlin offering an innovative fleet management solution. The company has already connected more than 50,000 vehicles, among which are large enterprises such as Allianz, Zalando, Ford, Adecco, Knauf and Deutsche Bahn. Vimcar´s target segment however are SMBs with fleets up to 100 cars. The company was founded by Andreas Schneider, Christian Siewek and Lukas Weber after conducting a research project at the University of St.Gallen (Switzerland) when they saw the opportunity of building an independent company offering to connect services cross-OEM. Today the company has more than 90 employees and several major cooperation partners, e.g. Lexware and DATEV (German market leaders for accounting software) or Mediamarkt.
About Unternehmertum Venture Capital Partners
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5-3m initially and up to € 12m in total per company. Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. The portfolio includes investments such as FlixBus, Carjump (Free2Move), KONUX, Blickfeld, 3YOURMIND and Vimcar.
About Acton Capital Partners
Acton Capital Partners is a Munich-based growth venture fund for internet companies. It focuses on startups in the fields of marketplaces, e-commerce, e-services, digital media and SaaS. Acton invests in Europe and North America. The team has been working together successfully for many years and has invested in more than 70 companies since 1999. The most renowned investments include AbeBooks, Alando, AlphaSights, Ciao, Elitepartner, Etsy, HolidayCheck, HomeToGo, iwoca, Linas Matkasse, Lumas, mytheresa.com, OnVista and zooplus.
Coparion provides venture capital to accelerate momentum and growth. With a current active fund of EUR 225 million coparion has the means to do so. coparion supports entrepreneurial vision with know-how, but without intervening in daily business operations. Thanks to in-depth experience in venture capital and in building companies, the coparion team discerns potentials and opens up new perspectives. coparion has the substance, tenacity and creativity required to mutually manage difficult situations successfully. coparion only invests with co-investors. The fund invests up to EUR 10m per company, usually in several financing rounds of EUR 0.5-3m each. Investment focus is on German companies in the startup and early growth phase. coparion is based in Cologne and Berlin.
About Atlantic Labs
Atlantic Labs is a Berlin-based Venture Capital firm, which backs technology companies at seed and early stage. Current investment focus areas are Digital Health, Future of Work, Mobility and Industrial Tech. In addition to providing financial resources, Atlantic Labs engages very actively with its founders to help them build successful and sustainable businesses. Medigo, Peat, Soundcloud, Comatch, Vimcar and Wandelbots are part of the Atlantic Labs current portfolio, among others.