PartsTech announced the attraction of investment funds for $35 million.
Source: Pixabay.com
The company intends to use this financing to expand its B2B market in the field of vehicle repair. The round of attracting Series C investment funds was led by the venture capital firm OpenView.
PartsTech intends to provide auto repair shops with the opportunity to receive all the necessary spare parts and tires through the procurement platform. The relevant information is contained in the company’s press release, which was published on the occasion of the successful completion of the next round of attracting investment funds.
Greg Kirber, the founder and CEO of PartsTech, says that the process of purchasing spare parts for vehicle repairs is a painful process that takes a lot of time. He stated that funding from OpenView will increase the size of the team and will provide material support in the development of solutions aimed at ensuring critical repair operations.
Currently, there is an increase in the service life of vehicles in the United States. The average age of cars used by private individuals is about 12 years. This circumstance naturally contributes to the growth of consumer demand for auto parts. Companies engaged in the production of relevant products, responding to changing market realities, are increasing technological and industrial capacities. In October 2022, AutoZone reported investing a record amount of capital for future growth.
The PartsTech e-commerce marketplace in B2B format is a space in which 15 thousand auto repair shops and 30 thousand suppliers of spare parts are united.
In a press release by OpenView partner Tim Kibler, it is indicated that the length of stay of cars on the roads has increased to record values, and against this background, stores are beginning to actively use digital solutions to improve their work. PartsTech, according to him, significantly improves the work of repair shops.
General Director of CarParts.com David Menyan says that in comparison with the field of car repair in other industries, the level of integration of digital technologies is much higher. He also noted that the introduction of advanced solutions in the auto parts market has intensified.
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Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
