Automotive parts marketplace PartsTech has closed a Series C funding round of $35 million in a round led by venture capitalists’ OpenView, according to a press release from the company.
PartsTech is a vehicle parts procurement platform that enables auto repair companies to find the right parts when they need them. It’s target customers include automotive repair shops, parts distributors and manufacturers. It connects over 15,000 auto repair facilities with a network of 30,000 supplier locations through its e-commerce procurements solutions. The company is headquartered in Boston and was founded by Greg Kirber (LinkedIn profile) in 2011 while he was still a student. It has remote workers operating in the U.S. and Europe.
The new funds will be used to expand the PartsTech platform so that repair facilities can source 100% of their aftermarket parts, tyres and original equipment through PartsTech’s platform. According to PartsTech, the new investment will accelerate its ability to attract and retain top talent, develop new industry-leading technology solutions and strengthen its ability to support its customers.
“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,” said PartsTech CEO Greg Kirber. “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.”
Prior to this latest funding round PartsTech had previously raised $16.5 million from existing investors including Insight Partners and BP Ventures.