Riyadh-based auto parts platform Speero closed $ 1.8 million in a pre-Series A round, co-led by Nuwa Capital and EQ2 Ventures, he announced today. The agreement also includes the participation of JIMCO (Jameel Investment Management Company), Impact46, Mountain Partners and Access Bridge Ventures.
Founded in 2017 by Abdullah Bin Shamlan and Ameen Mahfouz, Speero allows customers to order new or used auto parts. It currently has over half a million parts listed on the platform of major brands such as Toyota, Nissan, BMW, Audi, Honda and many more. Users also have the option of requesting quotes for parts that are not available on Speero. The startup claims to have served more than 3.5 million quotes to date.
Speero also operates an enterprise SaaS marketplace that allows workshops to source inventory and manage various business functions including billing, administration and business development. The offer also includes information and analysis for companies. Auto parts suppliers can use the supply for business development and demand generation.
In a statement, the startup said its business offering is already in use by more than 1,000 partners and service providers across the Kingdom, which includes repair shops like Mohrkey, Geoshield, and water and parts suppliers. AutoHub and Abdul Latif Jameel.
In addition to serving end users and workshops, Speero has also partnered with insurance companies that use its platform and Speero certified repair shops for the purchase of spare parts, “with parts representing 60 At 70% of the costs borne by insurance companies, the transparency and credibility offered by Speero has helped partners and the insurance companies that work with them reduce their purchasing costs by 25%.
With the latest funds, Speero aims to become the one stop destination for services in the automotive aftermarket ecosystem with its offering including spare parts, repairs and insurance.
Abdullah Bin Shamlan, Co-Founder and Managing Director of Speero, said: âThe automotive aftermarket value chain has not evolved in the digital age. Salespeople are looking for solutions that will help create access to growth opportunities, while customers today want a convenient, affordable and digital first approach to their vehicle ownership experience. With Speero, we are building exactly that.
âThe next stage of our growth will be focused on strengthening our leadership position in the market and realizing the untapped potential of this multi-billion dollar industry. As we evolve the aftermarket experience with a Saudi-made Software as a Service (SaaS) based marketplace, working with our investors and industry partners, we are well positioned to transform the industry. thanks to innovative technology, âadded Abdallah.
Sarah Abu Risheh, Partner at Nuwa Capital, said: âThe automotive industry in Saudi Arabia is a large and complex market, with the kingdom remaining the fifth largest importer of auto parts in the world. Saudi Arabia is at the forefront of a regional movement towards cashless transactions, improved regulation, streamlined service and increased overall transparency. Speero is well positioned to lead the transformation of its industry.
Speero plans to use the remaining funds to start its own âfully automatedâ warehouses for its partners in Riyadh and Jeddah. Spare parts suppliers will be able to use the facilities at no cost to optimize the delivery experience for Speero customers. It will allow Speero to offer delivery within 24 hours to customers in these two cities. Part of the funds will also be used to expand the Speero team.