Parts dealers platform QVM raises Seed funding round
QVM, a B2B SaaS Enabled Marketplace (SEM) solution that connects Vehicles Parts vendors around the world to facilitate their daily operation, has closed an undisclosed Seed round, led by Awab Holding Company with angel investors also participating.
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QVM serves parts merchants such as retailers, wholesalers, agencies, online B2C marketplaces, and more. The platform also provides services to relevant organizations, such as insurance companies, corporate maintenance workshops, and others. QVM operates as a private network to facilitate the daily operations between traders in the spare parts market of all kinds, including cars, trucks, equipment, and other vehicles. It also works to increase efficiency and productivity using technology.
The founding team, Tariq Rezai CEO, Farid Rezaei CTO, and Abdullah Al Zain CMO, started working on the technology in the spare parts industry in 2018. The platform was launched to solve the gap between the establishments working in this market, in order for the business model that combines the provision of SaaS and the marketplace to be met with great success and expansion.
The platform says that today it includes a large number of parts dealers who use the platform on a daily basis, and an electronic warehouse with a total value exceeding one billion riyals in three countries - Saudi Arabia, UAE, and Bahrain.
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Tariq Rezaei, CEO and Co-Founder said, “The auto spare parts market is a huge market and it grows annually by 5%, but the method of work still lacks the basics of development, and thus business owners locally and regionally in the market suffer by working manually with the daily operations, and QVM covers this gap and provides to the merchants a value that increases their performance at work and increases their profits. "
Fareed Rezaei, CTO and Co-Founder added, “Operations in the spare parts business, in general, is well organized and has an advanced supply chain. Developing technical solutions with operations at this level makes everything more interesting. However, it needs a lot of efforts to change the market mentality, and that is what we are trying to achieve”
Abdullah Al-Zein, CMO and Co-Founder shared his thoughts, "We started from Saudi Arabia on the basis that we aspire to expand in the Middle East more quickly and add suppliers from industrialized countries, due to the nature of the business model that can expand rapidly despite the difficulties of entering it."
Eng. Fawaz Al-Otaibi, CEO of Awab Holding said, “The spare parts market is a large market and lacks centralization, and we have seen that QVM solution provides this feature, which is in line with our vision at Awab Holding to invest in emerging companies that provide infrastructure solutions to the markets and organize them."
This round aims to expand the platform's scope further by adding new features and services to the spare parts dealer to increase its productivity and also seeks to increase the marketplace sales within the platform.
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