Launched in 2017, the startup has been hailed for dragging the automotive services sector in KSA into the digital era.
Digital automotive services specialist, Speero, has announced that it has raised $1.8 million in Pre-Series A funding, led by Nwa Capital and Eq2 Ventures, with participation from a selection of Saudi and and foreign investors, including JIMCO, Impact46, Access Bridge Ventures and Mountain Partners.
The investment will allow the Riyadh-based startup to push on with plans to develop its logistics infrastructure, create cloud warehouses and expand its team. Launched in mid-2017 by Abdullah Bin Shamlan, Ameen Mahfouz and Abdulaziz Al Ashram, Speero online platform for automotive after-sales solutions which allows providers the chance to digitise transactions and customers the opportunity to access services online.
The startup works with over 1,000 service centres, part providers and insurance companies, and claims more than 750,000 users across KSA. Overall, Speero has been hailed for disrupting and digitising a sector that the co-founding trio believe is lagging behind others when it comes to digitisation.
“The automotive after-sales value chain hasn’t evolved in this digital era,” said Abdullah Bin Shamlan, who also serves as the Managing Director at Speero. “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.”
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