Vehicle Assistance Startup Hlpy Raises €7.5 Million Round

Hlpy, the startup that is reshaping the world of vehicle assistance, with services ranging from roadside assistance, vehicle repair, and driver mobility continuation, delivered in full digital mode, has completed a nearly €7.5 million funding round that was materialized with a €5.1 million Series A oversubscribed round led by Synergo Capital joined as co-investors CDP Venture Capital through the Service Tech segment of the Corporate Partners Fund I and The Techshop, convertible instruments, and debt.

This financial and capital strengthening operation, the startup explains, will allow Hlpy to give a significant acceleration to its international development plan and increase the services offered by the digital platform in order to become an increasingly central player within the new mobility 4.0 scenario.

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Hlpy, the vehicle assistance 4.0 startup

Founded in May 2020 by Valerio Chiaronzi, Graziano Cavallo, and Enrico Noseda, Hlpy last August also saw Stefano Sarti join the founding team.

“Less than two years after starting operations in the Italian market, we are experiencing an evolutionary phase that will see the transformation of the company into a SpA, with the consequent adoption of a governance model more in line with international best practices,” said Valerio Chiaronzi, CEO and founder of Hlpy. He added: “The new challenges related to the electrification of vehicles, the evolution of diagnostics and new forms and needs of mobility find us already ready thanks to a continuous work of innovation of the range of offerings, and the expansion at the international level has already become a fact these days.”

The details of the round transaction

Synergo Capital SGR, led the deal through the Sinergia Venture Fund, underwritten by private investors and specialized in startups and Innovative SMEs, with a focus on B2B or B2B2C companies developing digital products and solutions with “scalable” business models both as target geographies and revenue streams. Managing Partners Simone Cremonini and Giacomo Picchetto worked on the deal, with Investment Director Yuliya Onischchuk and Investment Associate Francesca Laera.

CDP Venture Capital SGR deliberated the investment in favor of Hlpy consistently with one of its targets which is to support startups in all phases of their life cycle and to evolve the whole system by involving also international players. The Techshop SGR, founded by Aurelio Mezzotero and Gianluca D’Agostino, participated in the operation through The Techshop Primo fund. This is The Techshop SGR’s second investment in Hlpy and follows a first preseries A financing operation.

The advisors of the round transaction

As part of the transaction, Synergo Capital Sgr was assisted by the law firm Orrick with a team composed of partners Alessandro Vittoria and Attilio Mazzili, head of Orrick Italia’s Technology Companies department, and managing associate Pietro Fazzini, and by EY for financial, tax, HR and ESG aspects, by a team led by Gianluca Galgano, head of EY Italia’s Venture Capital and Startup department.

CDP Venture Capital Sgr followed the transaction with its in-house legal team led by Head Alessandro di Gioia and Matteo Fittante. While Hlpy and the founders were assisted by the law firm Bird & Bird with a team led by lawyer Francesco Pezcoller, the referent of the firm’s venture capital sector, with the support of Michele Mallano and Studio Dell’Apa Zonca e Associati with Andrea Zonca for tax aspects.

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(Featured image by Gustavo Fring via Pexels)

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