We are proud to present a new addition to the Kibo portfolio, Bipi. So here comes our next in the series of why we invest in the companies we do.
We are currently in the midst of a truly unique revolution in the automotive mobility space. If we think about OEMs as we know them, automotive is probably the area where OEMs have changed the least. Very few new names have been added to traditional OEMs that have been around for years (Tesla being probably the most notable exception). Innovation in this area has been particularly slow, entangled by regulation and safety requirements. And yet, right now, we are experiencing an incredible surge of startups disrupting an industry like never before.
Technology is driving change but also user behaviour and new business models. Some of the most interesting trends we see are:
The reality is that the size of the automotive market will increase as a result and will shift from a model dominated by traditional OEMs to a model where very relevant start ups will play a significant role. The incumbents will need to face new mobility providers (Uber, Lyft), tech giants entering the space (Apple, Google), new OEMs appealing to the end customer (Tesla) and an army of start ups with innovative business models in the shared mobility space.
No wonder OEMs are setting up their own venture arms, from GM to BMW, JLR, Volvo or Ford and investing in disruptive start ups in this new ecosystem that will shape how the automotive industry will evolve in the next ten years.
We are fascinated by the changes in car mobility. The traditional consumer is now contemplating not having the need to own a car and this is a fundamental shift in consumer behaviour. We increasingly see consumer segmentation by city type vs. country or region. Car consumers in New York will be more similar to consumers in Paris or Tokyo than in Wisconsin or Iowa. If we think about London today, probably owning a car is somewhat of a burden (parking problems, taxes, pollution laws). Forward looking studies by consulting firms predict a big shift in car ownership in the coming years and we can clearly see this will be a reality if we look at how the on demand car market is growing.
Following this trend towards better servicing mobility needs for customers we came across Bipi, a start up set to change how customers rent cars. We believe this team is set to do great things:
Offering a truly unique rental car experience Bipi can really become part of the new shared mobility trendwhere each consumer can access a car for any of his/her needs. Need a car for a family trip? Bipi can deliver one for the day at your doorstep. Travelling on business? Get a car where you land. Going on vacation? Forget about renting a car for a week if you only need it for a day, get it delivered where and when you want it with your Bipi app.
Once renting becomes incredibly easy, it will be a mobility option for many consumers. We are betting on the mobility wave with Bipi, we are convinced our approach to car ownership will dramatically change in the coming years, it already has and great start ups will contribute to accelerate that change.
Welcome Bipi to the Kibo family. To many car rides together!
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