Italian tech startup hlpy bags €7.5 million in funding to reinvent and reshape the roadside assistance industry
In 2021, the average age of vehicles in operation in the US was 12.1 years old, according to data from the US Department of Transportation. More Americans are keeping their automobiles longer as millions struggle to make ends meet due to the ongoing economic climate.
This also leads to more vehicle breakdowns due to a variety of reasons including lack of fuel, flat tires, dead car batteries, and faulty brakes, which also cause millions of Americans to become stranded on the road while waiting for help mostly always comes late. Unfortunately, this problem is not isolated to people in the United States. People on the other side of the pond are equally facing similar problems. That’s why one startup is on a mission to revolutionize the world of emergency roadside assistance services.
Enter hlpy, an Italian startup that is reshaping the roadside assistance world, thanks in part to services provided in a fully digital mode such as roadside assistance, vehicle repair, and continuation of driver mobility.
Today, hlpy announced it has completed a round of collection of about 7.5 million euros with a series A oversubscription of 5,1 million euros. The round was led by Synergo Capital, with participation from CDP Venture Capital and The Techshop, which joined as co-investors, convertible instruments, and debt.
hlpy will use the new capital infusion to accelerate its international development plan and increase the services offered by the digital platform, in order to be a growingly key player within the new mobility 4.0 scenario. hlpy is currently the only player to have integrated front-end, customer, operational platform, and emergency network in a native digital mode.
Founded in May 2020 by Valerio Chiaronzi, Graziano Cavallo, and Enrico Noseda with the aim of reshaping the roadside assistance industry. The co-founders were joined by Stefano Sarti as a founding member in August 2022, to support the international market development process.
Through its innovative digital platform, hlpy aims to create value for insurance companies, car manufacturers, rental companies, rescue operators, and most importantly, to make the service more reliable and safer for users.