PartsTech Secures $35M Series C Funding to Fuel Growth and Further Accelerate Auto Repair
Leading B2B Automotive Parts Marketplace Lands Funding to Drive Innovation and Expansion
BOSTON, May 18, 2023 – PartsTech (www.PartsTech.com), the industry-leading B2B parts marketplace for the auto repair industry, announced today it has closed a Series C capital raise of $35 million. The fundraising round was led by OpenView, a renowned venture capital firm known for its deep expertise in scaling high-growth technology companies.
PartsTech, founded by Greg Kirber, CEO, has been revolutionizing the automotive repair industry since its inception. The platform provides a comprehensive e-commerce solution that currently connects more than 15,000 repair shops to 30,000 supplier locations, accelerating the parts sourcing process and drastically improving the speed of vehicle repair.
With the investment from OpenView, PartsTech plans to expand its platform to enable repair facilities to source 100% of their aftermarket parts, tires, and original equipment (OE) parts all through its total procurement solution. This investment accelerates PartsTech’s ability to attract and hire top talent, develop industry-leading technology solutions, and strengthen its level of commitment to customers and partners.
Greg Kirber expressed his excitement about the Series C funding and the opportunities it presents for the company. He said, “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.”
OpenView, known for its track record of investing in and nurturing high-potential technology companies, is thrilled to support PartsTech’s growth ambitions. 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 before and shops are increasingly embracing digital solutions to improve the way they work. 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.”
In addition to OpenView, PartsTech’s existing investors include Insight Partners and BP Ventures.
PartsTech is a parts procurement platform that enables auto repair facilities to find the right parts, at the right time, every time. Focused on keeping people moving by powering the speed and quality of every repair, PartsTech connects auto repair facilities with a network of 30,000 supplier locations through its innovative e-commerce procurement solutions. PartsTech is headquartered in Boston, with remote employees in both the U.S. and Europe. For more information about PartsTech and its auto parts sourcing platform, please visit www.PartsTech.com.
About OpenView Partners:
Founded in 2006, OpenView is a venture capital firm investing globally in business software companies. With a mission to improve people’s working lives, OpenView’s focused investment approach across sector and stage enables the firm to identify and partner with category-leading business software companies. The firm’s focus extends to a dedicated expansion team with the operational expertise to help portfolio companies on sales, marketing, product-led growth, talent, and corporate development. The firm is based in Boston and has $2.4 billion in total assets under management. For more information, please visit https://openviewpartners.com
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