Partful, a leading aftermarket technology specialist, has successfully raised £2.4M in funding to accelerate the development of its revolutionary 3D parts Software-as-a-Service (SaaS) platform. This platform is revolutionizing the approach to the global aftermarket, which is valued at $400BN. The funding round was led by Par Equity, with active participation from US-based Blumberg Capital. This brings the total investment from Par Equity and Blumberg Capital to £6.2M within the last 18 months.
Since its initial seed funding round in January 2022, Partful has made significant strides in expanding its client base. Notably, it has secured partnerships with three emerging electric vehicle brands – Maeving, GOVECS, and Dragonfly Hyperscooter. The company has achieved remarkable revenue growth, exceeding 100% year on year, and counts reputable brands such as Lotus Cars, Norton Motorcycles, and IDEX Corporation among its valued customers.
The latest funding infusion will facilitate the expansion of Partful’s engineering team, enabling them to further enhance their innovative platform, which plays a crucial role in supporting the manufacturing industry’s transition to a circular economy. Additionally, the funding will foster faster growth in both European and U.S. markets, accelerating the adoption of Partful’s groundbreaking technology.
Graeme Gilbert, head of product at electric motorcycle manufacturer Maeving, expressed enthusiasm about Partful’s product, stating: “I haven’t seen anyone else offering this level of product in this particular section of the market for a long time. Partful saves the product team and the engineers a lot of work.”
To cater to its growing customer base, Partful has expanded its workforce by an impressive 95% during this period, making key appointments to strengthen their team. Furthermore, the company has established new UK headquarters in Manchester and inaugurated a European Centre of Technology in Warsaw.
Partful’s end-to-end product repair support platform enables customers to accurately identify, order, and replace parts through interactive 3D explosion models.
Sam Burgess, CEO and co-founder of Partful, expressed excitement about the funding, stating: “This funding is great news as it will help propel the development of our ‘exploding’ 3D parts platform and help us scale our growth by catering to a larger audience. We’re incredibly excited about unleashing the potential of this technology on a global scale. We are also expanding our commercial force to take our product to more U.S. and European clients. I’m thrilled to have partners on board who share that vision and want to make this a reality as soon as possible.”
Tom Croy, Investment Director at Par Equity, emphasized the tremendous opportunities in the $400BN aftermarket and praised Partful’s success in customer acquisition and revenue growth. He reaffirmed Par Equity’s belief in the transformative potential of Partful’s innovative 3D parts platform and their commitment to supporting the company’s journey.
Stanton Green, senior director at Blumberg Capital and Board Member of Partful, acknowledged the impact that Partful’s platform has made on after-sales engagement and parts revenue. He highlighted the massive global market of the after-sales ecosystem, which has long relied on legacy technology platforms and workflows. Partful’s 3D catalogues, detailed work instructions, and eCommerce capabilities are driving experiences that customers of leading brands expect.