PartsTech has raised $35 million in new capital. The privately held B2B marketplace targets automotive repair shops, parts distributors and manufacturers that try to run their businesses more effectively and profitably through ecommerce.
PartsTech B2B marketplace funding
The influx of working and business development cash from OpenView and PartsTech’s existing investors, including Insight Partners and BP Ventures, will be used for new product and business development, says 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,” Kirber says.
Prior to the latest round of capital, PartsTech had previously raised about $16.5 million, says Crunchbase.com.
Boston-based PartsTech is a B2B marketplace and parts procurement platform. It enables auto repair facilities to find the right parts when needed. PartsTech currently connects about 15,000 auto repair facilities with a network of 30,000 supplier locations, the company says.
The marketplace has been in operation and claims to have $2.4 billion in assets under management.
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