Auto parts software attracts $ 3.7 million fundraising
A Christchurch-based software company offering a simple system for people to buy and sell auto parts claims to have completed the largest pre-Series A assessment for a start-up in New Zealand history.
Partly is a data company that creates tools and datasets to connect buyers and sellers in the auto parts industry.
The latest fundraiser added an additional $ 3.7 million in venture capital, valuing the company at $ 46 million.
Levi Fawcett, a former Rocketlab engineer who became Partly’s co-founder and CEO, said the company was born out of an unresolved data problem.
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Fawcett’s solution was to find a common platform to make millions of parts accessible.
âWe’ve taken hundreds of millions of parts from millions of vehicles. We have structured, standardized and brought them together in a common platform. Which is very difficult to do, âsaid Fawcett.
Fawcett achieved this through algorithms built in-house by his Christchurch team and the latest cloud technology.
In part supplied these systems to major automakers who then listed their parts on the platform.
Users then accessed the parts they needed from anywhere in the world.
The company will deduct transaction fees from each sale that can vary between 1% and 4%.
This latest round of investment was led by Australasian venture capital fund Blackbird Ventures.
Samantha Wong, partner at Blackbird Ventures, said that partially solved an unsexy but very complex problem globally.
Other notable investors include Dylan Field, CEO and founder of Figma Inc, and former Fawcett boss Peter Beck, founder and CEO of Rocketlab.
Beck, one of Partly’s original funders, called the company “one of New Zealand’s most exciting startups.”
âThe global ambition of Kiwi startups like Partly really contributes to New Zealand’s technological reputation on the world stage,â Beck said.
Fawcett said he knew he was onto something unique, but even he was surprised at how successful the $ 45 million fundraiser was.
But he said the company has a lot of work to do.
âThe main things we need to do over the next 12 months are to facilitate some of the connections between manufacturers, distributors and markets. We’re growing really fast there, but there’s a lot of work to be done, âsaid Fawcett.
Besides improving technology, hiring was the main focus of the business, Fawcett said.
âThe problem we are solving is actually very difficult, so one of our main goals right now is to find exceptional engineers to help us continue to solve these problems,â said Fawcett.
Unlike other tech companies, hiring hadn’t been a major issue, due to the buzz around Partly, Fawcett said.
“It might get more difficult as we continue to evolve, but so far it hasn’t been too difficult due to the reputation we’ve gained, the increase we’ve achieved will only support that.” , Fawcett said.
CORRECTION: An earlier version of this story stated that the company had raised $ 45 million.