Apr
15
14



Another Marketplace Ready for Reinvention: Why we invested in Beepi

Every year since Redpoint was founded we’ve made a marketplace investment. Technology offers brilliant ways to lower friction, enhance turnover, discover favorable economics and surface marginal demand in existing marketplaces. Stars in our portfolio like Loopnet, BlueKai and HomeAway.com  have set the bar for others to follow, and exciting new investments like Thredup, Homejoy, The Receivables Exchange and Axial are on promising trajectories. They all have a common thread – a team with a determined vision to take on an existing marketplace in need of radical new solutions to simplify and speed up the connection between demand and supply.

One such category that has not yet been truly reinvented since the dawn of the internet is the process of buying and selling a used car. That’s why we are thrilled to announce our investment in Beepi – a company that has made it dead-simple for individuals to buy and sell used cars. Beepi bests the existing consumer alternatives – car dealers (who provoke a well founded mix of fear, uncertainty and doubt), and cumbersome, risky and complicated, peer to peer selling sites (such as Craigslist)– with an elegant solution that enables an individual’s second largest financial purchase to become a simple, high value, risk-free and positive experience.

After a seller’s car has become Beepi-certified by passing Beepi’s comprehensive pre-purchase inspection process, and has accepted an attractive and guaranteed price from Beepi, the Beepi created listing is made available to buyers. Beepi handles all the listing creation, payment, paperwork, pick-up and delivery of the vehicle to make the experience completely frictionless. Buyers can find attractively priced vehicles, without negotiating, or driving all over the state, and  rest easy knowing Beepi has not only kicked the tires to find them a great car, but also offers a simple, highly reliable transaction and an unprecedented 10-day no questions asked money back guarantee.

In short, the potential for Beepi is to not only reinvent the car selling and buying experience for the better, but to change how consumers think about when and how to buy and sell their cars. We believe that Beepi can meaningfully penetrate the $300 Billion used car marketplace.

We are very excited to partner with two dedicated co-founding entrepreneurs in Ale Resnik and Omer Savir.  Ale and Omer both have had the personal experiences and broad vision to build something really big in this category.  In addition, we have assembled great partners and co-investors who bring to bear a great wealth of experience, insight and support in building this market:  Fabrice Grinda, founder and Chairman of OLX –the Craigslist of Europe, and also chairman of Beepi; Brian Sharples, cofounder and CEO of HomeAway, the world’s largest vacation home marketplace and former board member of iMotors, Rich Boyle, the former Chairman and CEO of Loopnet, the largest online marketplace for commercial real estate, and Tina Sharkey, founder of iVillage and former CEO of BabyCenter.

It will be an thrilling ride, (pun intended) and we’re looking forward to Beepi’s first chapter here in the Bay Area. Check out their cars now – and maybe get ready to sell yours.


May
13
13



Redpoint’s investment in Wochit

Question: what do you get when you combine a tremendous market need in a rapidly transforming industry with exceptional technologists who are determined to change the world? Answer: you get a very unique venture investment opportunity. Today, we are announcing our lead investment in Wochit—a company that will be at the forefront of modernizing global video news production, publishing and distribution.

What makes Wochit so special?

The news business is ripe for disruption. Users are consuming news information like never before – but they want it immediate, relevant and accessible wherever they are, especially on their mobile devices.  From my experience at YouTube, if users can get what they want from the news when they want it, they would prefer to see it and hear about it, not just read it.

Secondly, getting access to most news stories with quality video is likely to be a day late and definitely a dollar short. In today’s news eco-system there is massive publishing of text-based news, but aside from a few of today’s most high profile headlines there is a shortage of quality news delivered via video,. It’s just a fact: text based news – especially on mobile – doesn’t monetize very well. However, video news stories do just fine, oftentimes commanding premium CPM’s. It’s not surprising publishers of all shapes and sizes are looking for ways to more efficiently create and distribute video news stories.

The Wochit team is diving in to solve both the user need and the publisher problem. These are not challenges easy to solve, so we’re especially excited to reconnect with an old friend, Ran Oz, and a new friend, Dror Ginzberg—the co-founders of Wochit. They bring both world-class technology talent and great entrepreneur bona fides to the effort. We’re thrilled to be working with them and the team they’ve formed.

We’re on a very exciting journey to re-invent the news business. Stay tuned… in video.