PartsTech, a Boston-based B2B spare parts procurement platform for the auto repair industry, has closed a Series C funding of $35 million. OpenView was the round’s lead investor, a venture capital company renowned for its extensive experience expanding high-growth digital firms.
The car components startup plans to use the money to develop its platform so that repair shops can purchase all their aftermarket, tyre and original equipment (OE) parts through a single comprehensive procurement solution.
The investment will improve PartsTech’s commitment to clients and partners, accelerate the development of industry-leading technology solutions, and accelerate the hiring and attraction of outstanding personnel.
“We founded PartsTech with a vision to create a better way for auto repair facilities to find and source parts, which is a notoriously painful and time-consuming process. This additional investment from OpenView will allow us to scale our team and invest more aggressively in developing solutions that power critical repair operations and keep vehicles and people moving,” said Greg Kirber, CEO of PartsTech.
PartsTech is revolutionizing the automotive repair industry
Greg Kirber, the CEO of PartsTech, started the company, which has been transforming the auto repair sector ever since.
PartsTech is a cutting-edge ordering platform created to save time and lessen the burden of obtaining wholesale automotive parts for professional technicians. A technician can quickly find, assess, and order components from regional and international warehouses using just one search.
The platform offers a complete e-commerce solution that links more than 15,000 repair facilities with 30,000 supplier locations, speeding up the process of parts sourcing and facilitating car repairs.
PartsTech gives technicians the most excellent information available when buying parts by providing the most recent product descriptions, pictures, and schematics straight from manufacturers.
Tim Keebler, Partner at OpenView, stated, “Over the last few years, PartsTech has demonstrated a consistent track record of driving innovation in the auto parts sourcing landscape while achieving explosive growth. Vehicles are staying on the road longer than ever, and shops are increasingly embracing digital solutions to improve how they work.”
The Boston-based firm is committed to keeping people moving by accelerating the efficiency and caliber of each repair. It has remote workers around the United States and Europe. Insight Partners and BP Ventures are two of the company’s current investors.
“PartsTech drastically improves the way repair facilities operate, and we’re excited to continue providing the resources Greg and his team need to drive market expansion and deliver unmatched value to customers,” added Tim Keebler.