Speero raises pre-series A investment funding from Impact46, 500 startups, and Deraya Ventures.
Speero offers an online marketplace for buying new and used automotive spare parts. Through its multiple partners and vendors, the platform helps individuals and workshops cut down their costs, explore their options, and save time by using the service with guaranteed fulfillment and delivery. Speero was founded by Abdullah bin Shamlan (Co-founder and CEO), Ameen Mahfouz (CTO) and Abdulaziz Al Ashram. The team collectively has an extensive experience in the entrepreneurship scene, especially in high resistance markets alongside technical expertise in product and web development.
Speero started operating in July 2017, and they are currently focused on the Saudi market. Since then, they have successfully managed to have more than 300 Vendors, more than 200 Car repair workshops registered on the platform, signed multiple deals with major insurance companies in Saudi, and have served more than 400k customers with more than 700k quotations. "Next stage of growth will focus on simplifying our customer's journey, we promise nothing but to keep innovating in order to lead the space of online car parts & maintenance, remove the friction of its supply chain and the cost attached to it” Said Abduallah bin Shamlan - Founder and CEO.
Disrupting a complex industry that remained untapped for decades requires strong investor support and an experienced team. Speero’s team, customer base, traction and investors today provides an amazing start to achieve big things ahead and build a company that leads its space.
“Since our humble start, we’ve been overcoming a challenge after another in our commitment to simplifying our customer’s journey, Today our team is proud to have our technology used by main players in the value chain such as, our end consumers, insurance companies, car repair centers, and car parts suppliers in Saudi and across borders, which is a proof that such service is needed and we’ve successfully introduced it with many opportunities to capture down the road
So what is next for us is pretty clear, to only keep on adding value to different sides of the marketplace. The industry we’re tapped into is complex, and the journey of our customers remains incomplete. It’s our mission to simplify the process and complete it, this is what will keep us awake at night, and has been motivating us since day 1, this is what we will keep on doing” Added Speero’s team.
“Speero represents our core strategy in this fund, we look for innovation from local players cracking problems that are unique to the Saudi market. The spare-parts industry, while its complex globally, is extremely fragmented in Saudi. Speero’s team is in the right position to not only simplify the supply chain for new parts but also to address the offline market of used spare parts and organize it. A mission that only a local team can succeed in achieving as we believe.” Noted the team of Impact46.
“We strongly believe in Speero’s team and their ability to execute in this space. The team has a great understanding of the spare-parts industry and its ability to execute in this market is unparalleled. Due to multiple factors working in their favor, we see Speero being able to disrupt the market in the industry and dramatically increase efficiency in the market, resulting in happier customers & suppliers. We are happy to be on board with the team and have believed in them from the beginning.” Said Ahmed AlJabreen, Venture Partner at 500 Startups.
“Speero serves a huge market of more than $5 billion in size and growing at 5% annually. Spare parts market constitute a majority of the after-sale service market. Speero is solving a huge problem for consumers who are looking for a variety of selections and best prices with few clicks at the comfort of their homes. Businesses with similar problems also benefit from such a versatile offering.” Added Salem Washeely From Derayah Ventures.
Are you a startup looking for investment? Apply for funding to 60+ investors HERE
Interested in learning more about the UAE's VC & startup ecosystem? Purchase our 2019 UAE Venture Investment Report HERE