Speero secures pre-series A funding
Saudi Arabia-based marketplace Speero has raised its pre-series A investment round from 500 Startups, Impact46 and Derayah Ventures. The exact amount of the “six-figure” dollar investment was not disclosed.
Founded in 2017 by Abdullah bin Shamlan, Ameen Mahfouz and Abdulaziz Al Ashram, Speero offers an online marketplace for new and used automotive spare parts. The platform currently has more than 300 registered vendors and 200 car repair workshops, serving more than 400,000 customers.
"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 and maintenance, remove the friction of its supply chain and the cost attached to it,” said Shamlan.
The spare-parts industry in Saudi Arabia is extremely fragmented according to Speero.
“Speero serves a huge market of more than $5 billion in size and growing at 5 per cent annually,” said Salem Washeely of Derayah Ventures, adding that the platform 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”.
The company is currently focused on the Saudi market to help users and workshops explore different options that are both cost and time efficient.