Speero, a Riyadh-based automotive parts seller has raised $1.8 million in a pre-Series A funding round, sponsored by Nuwa Capital and EQ2 Ventures.
This early stage of funding was also supported by Saudi and foreign investors such as JIMCO (Jameel Investment Management Company), Impact46, Access Bridge Ventures, and Mountain Partners.
Speero is an online platform for automobile after-sales solutions founded by Mr. Abdullah Bin Shamlan and Mr. Ameen Mahfouz in 2017. It allows suppliers to digitalize transactions and customers to access services online. Since its launch, it has generated 3.5 million instant quotations for spare parts.
“We are excited to welcome our new investors, all of whom are famous for partnering with and supporting the growth of the start-up ecosystem.” Vendors seek 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 just that.”
The new funding will enable Speero to become a “one-stop destination” for services across the automotive after-sales ecosystem with its offering including spare parts, repairs, for end customers such as individuals and insurance companies.
Over 1,000 partners and service providers use Speero, with over 750,000 registered clients generating 3.5 million instant spare part quotations. Partners can purchase parts for a variety of leading brands through Speero, including Toyota, Nissan, BMW, Audi, Honda, and many others.
The funding is expected to push the company one step closer to launching the region’s first Software-as-a-Service (SaaS) enabled business-to-business-to-consumer marketplace, which will provide partners and providers with an integrated platform of services ranging from inventory management and administration to business development and demand generation.
Speero also intends to use the funds to create its own “fully automated” warehouses in Riyadh and Jeddah. The spare parts suppliers will be able to use the facilities at no cost to optimize the delivery experience for Speero’s customers. It will allow Speero to offer 24-hour delivery to customers in these two cities.