https://arab.news/6uceb
- Speero was founded in Riyadh in 2017 and the platform is used by more than 1,000 partners and service providers
JEDDAH: Riyadh-based startup Speero, a platform offering automobile after-sales and repair services, has raised $1.8 million in pre-Series A funding from regional venture capital funds.
The investment drive was led by Riyadh and Dubai-based Nuwa Capital and Dubai-based Eq2 Ventures, with additional input from Abu Dhabi-based Access Bridge Ventures, Zurich-based Mountain Partners and Saudi Arabia’s Jameel Investment Management Company.
Speero was founded in Riyadh in 2017 by Abdullah Bin Shamlan and Ameen Mahfouz, and the platform is used by more than 1,000 partners and service providers. It has collected over 750,000 registered customers from all over the Kingdom. Toyota, Nissan, BMW, Audi, and Honda are among the brands found on the website
“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,” Bin Shamlan, co-founder and managing director at Speero, said in a statement.
Speero plans to use the funding to develop its logistics infrastructure, with the creation of fully automated, cloud-based warehouses for partners in Riyadh and Jeddah. It also plans to expand its management team in the coming months.
A spokesperson from JIMCO, the Jameel family’s global investment arm, said: “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 digitalization of Saudi’s mobility sector.”