PartsTech, the leading B2B parts marketplace for the auto repair sector, announced the successful completion of a Series C capital raise, securing $35 million in funding. OpenView, a renowned venture capital firm known for its expertise in scaling high-growth technology companies, led the funding round.
Since its inception, PartsTech, founded by CEO Greg Kirber, has been transforming the automotive repair industry. The platform offers a comprehensive e-commerce solution that currently connects over 15,000 repair shops to 30,000 supplier locations, streamlining the parts sourcing process and expediting vehicle repairs.
With the investment from OpenView, PartsTech aims to expand its platform, allowing repair facilities to source 100% of their aftermarket parts, tires, and original equipment (OE) parts through its complete procurement solution. This infusion of capital will accelerate PartsTech’s ability to attract top talent, develop industry-leading technology solutions, and enhance its commitment to customers and partners.
Expressing his enthusiasm about the Series C funding, Greg Kirber stated, “We founded PartsTech with a vision to revolutionize the way auto repair facilities find and source parts, as it has traditionally been a painful and time-consuming process. This additional investment from OpenView will enable us to scale our team and invest more aggressively in developing solutions that empower critical repair operations, ensuring vehicles and people stay on the move.”
OpenView, known for its successful investments in and support of high-potential technology companies, is excited to back PartsTech’s growth aspirations. Tim Keebler, Partner at OpenView, commented, “PartsTech has consistently driven innovation in the auto parts sourcing landscape while achieving remarkable growth. As vehicles remain on the road for longer periods, repair shops are increasingly embracing digital solutions to enhance their workflow. PartsTech significantly improves the operational efficiency of repair facilities, and we are thrilled to provide the necessary resources to Greg and his team to drive market expansion and deliver unparalleled value to customers.”
In addition to OpenView, PartsTech’s existing investors include Insight Partners and BP Ventures.
PartsTech, headquartered in Boston with remote employees in the U.S. and Europe, is a parts procurement platform that empowers auto repair facilities to find the right parts efficiently and reliably. With a focus on ensuring smooth and prompt repairs, PartsTech connects repair shops with a network of 30,000 supplier locations through its innovative e-commerce procurement solutions.
With the new funding, PartsTech is well-positioned to propel its growth trajectory and continue its mission of revolutionizing the auto repair industry with cutting-edge technology and unmatched service quality.