- The funding will accelerate Speero’s ambition to digitalize Saudi Arabia’s automotive after-sales ecosystem from spare parts sales to repair services.
- The new round is co-led by Nuwa Capital and EQ2 Ventures, and includes the participation of the JIMCO Technology Fund, Impact 46, Access Bridge Ventures and Mountain Partners.
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. This funding round also includes the participation of Saudi and international investors including the JIMCO Technology Fund, Impact46, 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 country, 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.
“We are excited to welcome our new investors, all of whom are renowned for partnering with and supporting the growth of the start-up ecosystem. 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.” said Abdullah Bin Shamlan, Co-Founder and Managing Director at Speero.
He continued, “The next stage of our growth will be focused on strengthening our market-leading position and realize 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.”
Saudi Arabia’s automotive components sector for commercial and passenger vehicles is set to grow to US$ 10.15 billion by 2023. Speero’s mission to digitalize transactions also closely aligns with Saudi Arabia’s Vision 2030 target to accelerate the transformation of legacy industries and grow non-cash transactions to 70%.
With this new funding round, Speero will also move closer to introducing the region’s first SaaS enabled business-to-business-to-consumer (B2B2C) digital 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.
“Speero has been driving concrete change in the automotive after sales market since launch 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, and we’re excited to be joining Abdullah and Ameen on their journey,” said Sarah Abu Risheh, Partner at Nuwa Capital.
A spokesperson from JIMCO, the Jameel Family’s global investment arm, stated: “JIMCO’s participation in Speero’s latest funding round is an example of our commitment to invest in early-stage and breakthrough technologies. We are excited to contribute to this critical stage of Speero’s growth, which will help drive the digitalization of Saudi’s mobility sector.”
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 optimize the delivery of services. Over the coming months, in line with its growth, Speero will also invest in hiring across key leadership positions.
Brands on Speero include leading repair shops Mohrkey, Geoshield and h2o; suppliers AutoHub and Abdul Latif Jameel Motors; and insurance providers Salama Insurance, and Chubb Insurance.
The Speero application is available for Android and Apple iOS enabled smartphones. New partners and service providers can register through www.speero.net.