Vimcar raises $13M in Series B funding to automate fleet management for SMBs

Berlin, 18.12.2018, Vimcar, a Berlin based SaaS startup for fleet management, today announced their $13M Series B round, lead by Acton Capital with participation from existing investors Coparion, UVC Partners and Atlantic Labs. This round of ifnancing 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 the 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 driver 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.

To-do lists for SMBs seem to be endless

Co-Founder and Managing Director Christian Siewek: “When it comes to business vehicles, the to-do lists for SMBs seems to be endless. Vimcar aims at digitizing the entire vehicle management cycle and already automate many of their customers’ daily routines. We help companies to focus on their actual business instead od wasting time on fleet administration.”

Since the Series A financing in MArch 2017, the product has been continously 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.

Vimcar clearly has the potential to become a core element of tomorrow’s business mobility.

-Dr. Christoph Braun

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 invesments into more aggressive sales and marketing activities alongside entering new markets outside Germany. With Acton Capital(invenstitors 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 Braun, “Vimcar has built an excelent 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 moility.”

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 manufactures to follow. Siewek: “The future of connected cars doesn’t have to be shaped in Silicon Valley. If the German OEMs jopin forces with innovative startups, they will remain at the forefront of connected vehicle services.”

Über Acton Capital Partners

Acton Capital Partners ist ein internationaler Wachstumsinvestor mit Sitz in München. Seit 1999 investiert das Acton-Team erfolgreich in digitale Pioniere in Europa und Nordamerika.

Investmentfokus liegt dabei auf skalierbaren Geschäftsmodellen aus den Bereichen Future of Work, Digitale Marktplätze und Plattformen, Ecommerce, FinTech sowie Software-as-a-Service.

Iva Cirkovic Administrator

Über Acton Capital Partners

Acton Capital Partners ist ein internationaler Wachstumsinvestor mit Sitz in München. Seit 1999 investiert das Acton-Team erfolgreich in digitale Pioniere in Europa und Nordamerika.

Investmentfokus liegt dabei auf skalierbaren Geschäftsmodellen aus den Bereichen Future of Work, Digitale Marktplätze und Plattformen, Ecommerce, FinTech sowie Software-as-a-Service.

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