Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Partly Raises $1.7 Million In Seed Funding From All Star Consortium Of Investors

Partly has raised $1.7 million from an all star consortium of international and domestic investors led by Australasia’s leading venture capital investor, Blackbird Ventures with, Hillfarrance Ventures and Icehouse Ventures as co-investors. The company has included an additional 11 angel investors including Rocket Lab Founder Peter Beck and Amazon Australia Country Manager , Tony Austin. $1.7 million seed capital has been raised in one of Christchurch's largest seed rounds.

The funds will be used to rapidly scale the startup’s growth with an estimated 17 roles now ready to fill and a pipeline of customers from over 13 countries around the world.

Partly helps parts businesses unlock billions of parts currently offline and connects them with buyers around the globe. There are more than 85 billion auto parts in the world and few are easily tracked or visible online. Partly solves this problem. The worldwide automotive parts market is worth $1.9 Trillion annually.

Partly founder and CEO, Levi Fawcett was, until recently, part of the Rocket Lab’s senior engineering team. He and his co-founders, Nathan Taylor and Mark Song, burst onto the startup scene in 2017 with an online marketplace connecting New Zealand SMEs with customers. As one of the first teams to enter the Christchurch based startup incubator, Te Ōhaka, Levi was able to access the support he needed to rapidly grow his startup.

Within 18 months, they had more than 50,000 monthly users purchasing from more than 1,000 New Zealand businesses.

But a pattern had started to emerge and it wouldn’t be long before that pattern would drive Levi’s next leap of faith. “We began to notice that automotive businesses in particular struggled to sell online but they couldn’t use standard tools - such as Shopify - because automotive parts data is so complex.”

To solve this problem, a little over three months ago, Levi’s team launched Partly. Within four weeks of launching, the true global potential of Partly became evident and Levi recognised the need for capital in order to scale the venture to satisfy the extreme demand they were experiencing. Soon thereafter, Partly confirmed Australasia’s leading venture capital firm, Blackbird, as the lead, and one of the hottest new arrivals in town, Hillfarrance Ventures as well as Icehouse Ventures as a follow.

Blackbird Partner, Samantha Wong, who led the deal, says, “ The magic of Partly is equal parts team and market. I was impressed by the founders’ sense of urgency, and hunger to deliver an amazing experience for customers, even sleeping overnight in their first customer’s workshop to get them online. This is matched by their hunger to conquer the world right from the beginning from New Zealand, and the juicy network effects that are starting to emerge in the business model.”

Hillfarrance Venture Capital Managing Partner, Rob Vickery, says, “We love dynamic groups of entrepreneurs who are tackling giant markets that would benefit from a new injection of innovation into their industry. Partly is doing just with the auto parts market and building a platform and data set that will become the gold standard for all members of the value chain. We are honoured and excited to work with Levi, Nathan, Mark and the rest of Team Partly to realise their vision and help them access new international markets.”

Partly has paying customers across 13 countries and is growing fast, with 17 roles now ready to fill within the exciting startup from right here in Christchurch. “We’re excited about making a difference to our local and national economy,” Levi says.

“We're fundamentally changing the global parts industry and need smart people to help us solve hard problems. The future is looking very strong for Partly.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Government: David McLean Appointed As KiwiRail Chair

David McLean has been appointed as Chair of KiwiRail Holdings Ltd, the Minister for State Owned Enterprises Dr David Clark and Minister of Finance Grant Robertson announced today... More>>


Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>