Manchester, UK-based aftermarket technology company, Partful raises GBP 2.4 million in recent funding. The round took place on July 25, 2023. Par Equity led the financing for the company. Meanwhile, USA-based Blumberg Capital joined in the round. The total investment from Par Equity and Blumberg Capital to GBP 6.2M in the one and half years.
Purpose of financing for Partful
With the latest financing, Partful seeks to accelerate the development of its ‘exploding’ 3D parts SaaS platform. The platform aims the transformation of the industry’s approach to a global aftermarket worth USD 400 billion.
In addition, the company aims to fund the expansion of its engineering team developing Partful’s innovative platform, which is supporting the manufacturing industry’s transition to the circular economy. Partful also targets faster growth in the European and U.S. markets as well as fuel its adoption.
What the company’s official has to add
Sam Burgess, CEO and co-founder of Partful, said, “This funding is great news. It will help us to further propel the development of our ‘exploding’ 3D parts platform. In addition, we can 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.”
What the investors have to comment
Tom Croy, Investment Director at Par Equity, further said, “We see the $400bn aftermarket as a realm full of untapped opportunities. The success of Partful’s platform, characterised by its impressive customer acquisition and revenue growth, serves to validate our conviction in the game-changing potential of its innovative 3D parts platform. We are excited to support Partful’s journey, not just as investors but as staunch believers in their vision to revolutionise the industry and fuel a global shift in the aftermarket.”
In addition, Stanton Green, senior director at Blumberg Capital and Board Member of Partful, said, “The Partful team continues to make an impact on clients’ after-sales engagement and parts revenue. The after-sales ecosystem is a massive global market entrenched in legacy technology platforms and workflows. Partful’s 3D catalogues, detailed work instructions, and eCommerce capabilities will power the experiences that customers of market-leading brands have come to expect.”
What the customer has to add
Graeme Gilbert, head of product at electric motorcycle manufacturer Maeving, said, “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.”
About the company
Sam Burgess is the CEO of the company. The company operates as a digital 3D interactive parts catalogue and work instructions support tool. It further enables users to identify product parts quickly and accurately using a 3D explosion view – and then place orders directly with the manufacturer.
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