New Zealand's Partly gets $21m Series A
New Zealand’s Partly, a company that uses big data to source replacement parts for the global automotive industry, has raised a NZD 37m (USD 21m) Series A round led by UK-based Octopus Ventures.
Shasta Ventures, Square Peg Capital, Blackbird, Ten13, Hillfarrance Venture Capital, and Icehouse Ventures also participated. They were joined by Randy Reddig, a co-founder of US financial services giant Square.
Partly claims it helps automotive industry suppliers deliver billions of parts that are not listed online to buyers such as retailers, manufacturers, and marketplaces in 20 countries. It claims its customers include “the world’s largest businesses.”
The idea is that there are more than 85bn auto parts globally, but few are easily tracked or visible online. Partly aims to solve this problem through a database that cross-references license plate information, vehicle identification numbers, and component lists for various models.
Partly was founded in 2020 by engineer Levi Fawcett, formerly of Rocket Lab, a space logistics provider that has become one of New Zealand’s biggest start-ups with some USD 700m in funding. Rocket Lab CEO Peter Beck was an early backer.
Blackbird, Hillfarrance, and Icehouse provided NZD 1.7m in seed funding shortly after inception. Last December, the company claimed a valuation of NZD 46m upon closing a NZD 3.7m pre-Series A featuring Blackbird, 12BF, K5 Ventures, and Rocket Lab’s Beck among other entrepreneurs.
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