Aftermarket technology specialist Partful has secured £2.4 million in funding to accelerate the development of its 3D parts platform. The funding comes from Par Equity and US-based Blumberg Capital, bringing the total investment from both firms to £6.2 million in the past 18 months.
Partful’s platform is transforming the aftermarket industry, which is estimated to be worth $400 billion globally. The company has experienced significant growth, with a customer base that includes Lotus Cars, Norton Motorcycles, and IDEX Corporation.
The latest funding will allow Partful to expand its engineering team and continue developing its innovative platform. It will also support the company’s growth in the European and US markets.
Partful provides an end-to-end product repair support platform that enables customers to identify, order, and replace parts using interactive 3D explosion models. The platform has been praised by customers for its effectiveness and ability to save time for product teams and engineers.
To support its growing customer base, Partful has expanded its workforce by 95% and made key appointments. The company has also opened new headquarters in Manchester and launched a European Centre of Technology in Warsaw.
Partful’s CEO and co-founder, Sam Burgess, expressed excitement about the funding and the opportunity to scale the company’s growth. He also emphasized the importance of partners who share the vision of revolutionizing the aftermarket industry.
The investment director at Par Equity, Tom Croy, highlighted the tremendous potential of Partful’s platform to transform the aftermarket industry. The impressive customer acquisition and revenue growth further validate the belief in its game-changing potential.
Blumberg Capital’s senior director, Stanton Green, recognized Partful’s impact on clients’ after-sales engagement and parts revenue. Green emphasized the need for innovative solutions in the aftermarket industry, which is heavily reliant on legacy technology platforms and workflows.
Partful’s 3D catalogues, work instructions, and eCommerce capabilities are positioned to meet the expectations of customers using leading brands.
Founded by SamsonVT, Partful is a highly accessible platform available in 71 different languages. It allows global original equipment manufacturers (OEMs) to create user-friendly after-sales experiences, reducing costly order errors, protecting manufacturer revenues, and minimizing product downtime.
Par Equity, a leading venture capital firm based in Edinburgh, focuses on investing in innovative B2B technology companies across the UK’s northern region. With over £100 million invested in 66 companies, Par Equity has leveraged an additional £210 million from third-party investors.
Blumberg Capital, an early-stage venture capital firm, partners with visionary entrepreneurs to build successful technology companies. They specialize in nurturing B2B technology companies from the seed stage and providing ongoing support as active board members and advisors.
With this latest funding, Partful is poised for further growth and is eager to unleash the potential of its technology on a global scale. The company aims to continue catering to a larger audience and expanding its presence in the US and European markets.
The funding secured by Partful reflects the growing recognition of the importance of aftermarket technology in the manufacturing industry. As the company continues to enhance its platform, it is well-positioned to drive significant change and provide valuable solutions in the marketplace.
