Riyadh-based digital automotive services start-up Speero has announced the closure of its pre-Series A funding round of US$1.8 million (SAR 6.75 million), co-led by Nuwa Capital and Eq2 Ventures with the participation of Saudi and international investors including Impact46, JIMCO (Jameel Investment Management Company), Access Bridge Ventures and Mountain Partners
Speero is Saudi Arabia’s leading digital platform for automotive after-sales, and is used by over 1,000 partners and service providers, with over 750,000 registered customers across the Kingdom, generating 3.5 million instant quotations for spare parts. Through Speero, partners can buy parts for several leading brands including Toyota, Nissan, BMW, Audi, Honda, and more.
Founded by entrepreneurs Abdullah Bin Shamlan and Ameen Mahfouz in 2017, Riyadh headquartered Speero is an online platform for automotive after-sales solutions, enabling providers to digitalize transactions and customers to access services online. The new funding will help deliver on the start-up’s ambition to become a one-stop destination for services across the automotive after-sales ecosystem with its offering including spare parts, repairs, for end customers such as individuals and insurance companies.
“The next stage of our growth will be focused on strengthening our market-leading position and realise the untapped potential of this multi-billion-dollar sector. As we evolve the automotive after-sales experience with a made -in Saudi Arabia, Software-as-a-Service (SaaS) offering, , we are strongly positioned to transform the sector through innovative technology.” said Abdullah Bin Shamlan, Co-founder & Managing Director at Speero.
With this new funding round, Speero will also move closer to introducing the region’s first SaaS enabled business-to-business-to-consumer marketplace, offering partners and providers with an integrated platform of services from inventory management and administration to business development and demand generation. Partners will also have access to cutting-edge data and analytics, which will advance their growth and help them deliver products to customers within 24 hours.
This funding round will also be leveraged to strengthen Speero’s logistics infrastructure, with the creation of fully-automated warehouses – also known as cloud warehouses – for partners in Riyadh and Jeddah, who will be able to set up storage at no cost and optimise the delivery of services. Over the coming months, in line with its growth, Speero will also invest in hiring across key leadership positions.
