- The funding will accelerate Speero’s ambition to digitalise Saudi Arabia’s automotive after-sales ecosystem from spare parts sales to repair services
- The new round is co-led by Nuwa Capital and Eq2 Ventures, and includes the participation of JIMCO, Impact 46, Access Bridge Ventures and Mountain Partners
Riyadh: Riyadh-based digital automotive services start-up Speero has announced the closure of its pre-Series A funding round of US$1.8 million (SAR 6.75 million), co-led by Nuwa Capital and Eq2 Ventures. This funding round also includes the participation of Saudi and international investors including JIMCO (Jameel Investment Management Company), Impact46, Access Bridge Ventures and Mountain Partners
Speero is Saudi Arabia’s leading digital platform for automotive after-sales, and is used by over 1,000 partners and service providers, with over 750,000 registered customers across the Kingdom, generating 3.5 million instant quotations for spare parts. Through Speero, partners can buy parts for several leading brands including Toyota, Nissan, BMW, Audi, Honda, and more.
Founded by entrepreneurs Abdullah Bin Shamlan and Ameen Mahfouz in 2017, Riyadh headquartered Speero is an online platform for automotive after-sales solutions, enabling providers to digitalise transactions and customers to access services online. The new funding will help deliver on the start-up’s ambition to become a one-stop destination for services across the automotive after-sales ecosystem with its offering including spare parts, repairs, for end customers such as individuals and insurance companies.
“We are excited to welcome our new investors, all of whom are renowned for partnering with and supporting the growth of the start-up ecosystem. The automotive after-sales value chain hasn’t evolved in this digital era. Vendors seek solutions that will help create access to growth opportunities, while customers today want a convenient, affordable and digital first approach to their vehicle ownership experience. With Speero we are building just that,” said Abdullah Bin Shamlan, Co-founder & Managing Director at Speero.
He continued, “The next stage of our growth will be focused on strengthening our market-leading position and realise the untapped potential of this multi-billion-dollar sector. As we evolve the automotive after-sales experience with a made -in Saudi Arabia, Software-as-a-Service (SaaS) offering, , we are strongly positioned to transform the sector through innovative technology.”
Saudi Arabia’s automotive components sector for commercial and passenger vehicles is set to grow to US$10.15 billion by 2023. Speero’s mission to digitalise transactions also closely aligns with Saudi Arabia’s Vision 2030 target to accelerate the transformation of legacy industries and grow non-cash transactions to 70%.
With this new funding round, Speero will also move closer to introducing the region’s first SaaS enabled business-to-business-to-consumer marketplace, offering partners and providers with an integrated platform of services from inventory management and administration to business development and demand generation. Partners will also have access to cutting-edge data and analytics, which will advance their growth and help them deliver products to customers within 24 hours.
“Speero has been driving concrete change in the automotive after sales market since launch in Saudi Arabia. Through its SaaS platform, the company is helping drive digitization, efficiency, and transparency in a space that’s remained largely fragmented and opaque, and we’re excited to be joining Abdullah and Ameen on their journey,” said Sarah Abu Risheh, Partner at Nuwa Capital.
A spokesperson from JIMCO, the Jameel family’s global investment arm, stated: “JIMCO’s participation in Speero’s latest funding round is an example of our commitment to invest in early-stage and breakthrough technologies. We are excited to contribute to this critical stage of Speero’s growth, which will help drive the digitalisation of Saudi’s mobility sector.“
This funding round will also be leveraged to strengthen Speero’s logistics infrastructure, with the creation of fully-automated warehouses – also known as cloud warehouses – for partners in Riyadh and Jeddah, who will be able to set up storage at no cost and optimise the delivery of services. Over the coming months, in line with its growth, Speero will also invest in hiring across key leadership positions.
Brands on Speero include leading repair shops Mohrkey, Geoshield and h2o; suppliers AutoHub and Abdul Latif Jameel Motors; and insurance providers Salama Insurance, and Chubb Insurance.
The Speero application is available for Android and Apple smartphones. New partners and service providers can register through www.speero.net.
Speero is a fully-integrated automotive after-sales platform. Speero partners with service centers, parts providers and insurance companies. Through Speero, customers can order components for their vehicles across Saudi Arabia within 24 hours for leading automotive brands including Toyota, Chevrolet, Audi, Hyundai, Kia, Nissan, Ford, BMW, Honda, GMC, Volkswagen, Changan, and Lexus.
About Nuwa Capital:
Nuwa Capital is a Dubai and Riyadh-based investment platform that brings together leading entrepreneurs, domain expertise, and an unparalleled track record in venture capital in emerging markets. The fund delivers a founder-led, value creation approach to venture investment. The team has built Nuwa Capital’s model around key partnerships with corporate investors and a network scheme designed to drive strategic and operational support to its portfolio companies. The fund is led by Khaled Talhouni, Sarah Abu Risheh and Stephanie Nour Prince.
About JIMCO (Jameel Investment Management Company):
JIMCO is the global investment arm of the Jameel family. JIMCO actively invests in innovative, early-stage and breakthrough ventures and technology, aiming to positively shape the future of core industries driving the global economy. Through two dedicated funds, JIMCO Life Sciences and the JIMCO Technology Fund, the company’s investments span medical and healthcare industries, from pharmaceuticals and vaccines to cutting-edge medical technology, along with emergent technologies across fintech, insurtech, electric vehicles and future mobility solutions.
About EQ2 Ventures;
EQ2 Ventures is a Dubai-based investment holding company that has been active in the Middle East & Africa technology landscape since 2015. Backed by the shareholders of Choueiri Group, it invests in Seed to Pre-Series B stage companies, helping talented founders in their journey towards long-term value creation.