13 Dec 2022

Car parts company Partly raises $37m in capital

7:28 pm on 13 December 2022
Parked cars for sale, car yard.

Partly is a two-year-old Christchurch startup which provides a platform to order car parts (file picture). Photo: 123RF

Car part ordering platform Partly has raised $37 million in capital to speed-up global growth.

The fast-growing, two-year-old, Christchurch-based startup, which connected the world's car parts to buyers and sellers, said its latest venture capital (VC) raise valued the company at close to $180 million.

The company was able to draw support from venture capitals in Australasia, Europe and the United States.

The round was led by Octopus Ventures, one of Europe's largest and most active VC investors, with participation from Square Peg, Blackbird, Shasta Ventures, Ten13, Square Co-Founder Randy Redigg, Hillfarrance, Icehouse, and I2BF.

Partly said it would use the money to continue its global growth, with a doubling of staff over the next 12 months, including data scientists, engineers and automotive veterans.

"We have a large customer backlog and are prioritising key customers mostly in Europe," chief executive Levi Fawcett said, adding the company was rapidly growing with annual orders of about $150m.