On May 18, Boston-based PartsTech — a B2B parts marketplace for the auto repair industry — announced that it has closed a Series C capital raise of $35 million.
PartsTech said it will used the funding to “drive expansion and innovation.” The fundraising round was led by OpenView, a venture capital firm known for its expertise in scaling high-growth technology companies, PartsTech said in a news release.
The company currently connects more than 15,000 repair shops to 30,000 supplier locations.
“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 Founder and 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.”
With the investment from OpenView, PartsTech said it 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.