Total amount raised
$22.2 Millions
Latest funding date
12/01/2022
Location
Title
Partly has successfully raised significant funding over multiple rounds, positioning itself as a key player in the auto parts industry. The company offers integrated software solutions, algorithms, and databases designed to streamline and optimize the auto parts supply chain.
Keep reading to explore the intricacies of Partly's fundraising journey and the investors backing this innovative platform.
What Is Partly?
Partly, founded in 2019, is headquartered in Christchurch, New Zealand. The company was established by Levi Fawcett, Nathan Taylor, and Taylor Howes.
Partly specializes in providing technological solutions for the auto parts industry, offering an integrated suite of software, algorithms, and databases. Their platform includes standards for vehicle and parts data, intelligent parts interpretation, and next-gen parts commerce.
With a team of over 50 employees, Partly is dedicated to making it easier for repairers to find the right parts, ensuring optimal parts selection through advanced algorithms.
How Much Funding Has Partly Raised?
- Series A Round
- Amount Raised: $21 million
- Date: December 12, 2022
- Lead Investors: Octopus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to grow in Europe, scale aggressively in the U.S., double the engineering team, and enhance data aggregation technology.
Partly has raised a total of $21 million to date. The current valuation is not publicly disclosed.
Key Investors
- Octopus Ventures
- Details: Octopus Ventures is a London-based venture capital firm known for its focus on early-stage investments. They have a strong track record of supporting innovative startups across Europe.
- Investment Focus Areas: Health, fintech, deep tech
- Notable Investments: Zoopla, Secret Escapes, Depop
- Shasta Ventures
- Details: Shasta Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Consumer tech, enterprise software, IoT
- Notable Investments: Nest, Mint, Anaplan
- Square Peg
- Details: Square Peg is a global investment firm with a focus on technology companies. They have a presence in Australia, Israel, and Southeast Asia.
- Investment Focus Areas: Fintech, health tech, SaaS
- Notable Investments: Canva, Airwallex, Fiverr
- Blackbird
- Details: Blackbird is a venture capital firm based in Australia and New Zealand. They focus on investing in technology startups with high growth potential.
- Investment Focus Areas: Software, marketplaces, deep tech
- Notable Investments: Canva, Culture Amp, SafetyCulture
- Ten13
- Details: Ten13 is an Australian investment syndicate that backs high-growth technology companies. They are known for their flexible investment approach and strong network.
- Investment Focus Areas: Fintech, SaaS, marketplaces
- Notable Investments: Go1, Linktree, Clipchamp
What's Next for Partly?
Partly is poised to capitalize on a massive opportunity in the auto parts market, with plans to expand in Europe and the U.S. The global market is expected to reach $2.5 trillion by 2024, offering significant growth potential. By doubling its engineering team and enhancing data aggregation technology, Partly aims to become a leading player in this space.
Future fundraising rounds seem likely as the company scales its operations to meet growing demand. However, challenges such as aggregating and standardizing parts data across various manufacturers and competing with established companies like Xero could pose hurdles. Despite these challenges, Partly's innovative approach and market potential make it a company to watch.
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