Saudi Arabia’s Speero Closes $1.8M pre-Series A funding
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Riyadh-based digital automotive services start-up Speero has announced the closure of its pre-Series A funding round at $1.8M. The round was co-led by Nuwa Capital and Eq2 Ventures and was in participation with Saudi and international investors including JIMCO (Jameel Investment Management Company), Impact46, Access Bridge Ventures, and Mountain Partners.
Founded in 2017, Speero is an online platform for automotive after-sales solutions, enabling providers to digitalize transactions and customers to access services online. Speero partners with service centers, part providers, and insurance companies to provide a fully integrated automotive after-sales platform. Enabling users to order and receive car parts across Saudi Arabia within 24 hours.
Since its launch, Speero has tied with over 1,000 partners and service providers to service over 750,000 registered users across the Kingdom. The startup has been evolving with the ambition to digitalize the automotive ecosystem in mind. As Abdullah Bin Shamlan, Co-founder & Managing Director at Speero explains “The automotive after-sales value chain hasn’t evolved in this digital era. Vendors seek solutions that will help create access to growth opportunities, while customers today want a convenient, affordable, and digital-first approach to their vehicle ownership experience. With Speero we are building just that,”
With this new funding round, Speero will also move closer to introducing the region’s first SaaS-enabled B2B2C marketplace, offering partners and providers an integrated platform of services from inventory management and administration to business development and demand generation. Investing in this ambition, Nuwa Capital partner Sarah Abu Risheh comments “Speero has been driving concrete change in the automotive after-sales market since launching in Saudi Arabia. Through its SaaS platform, the company is helping drive digitization, efficiency, and transparency in a space that's remained largely fragmented and opaque”
This newly acquired fund is a critical moment for this digital marketplace and comes as an opportunity for them to further develop their logistics infrastructure, create cloud warehouses, and expand their team. Observing the potential of this investment, global fund JIMCO concludes “We are excited to contribute to this critical stage of Speero's growth, which will help drive the digitalization of Saudi’s mobility sector."
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