Release date: 25 July 2019
BP Ventures has invested $3 million in PartsTech, an online parts and supply platform for the automotive aftermarket industry. The investment forms part of a Series A funding round, led by BP Ventures and supported by BP’s lubricant business, Castrol.
PartsTech is a next-generation auto parts ordering platform designed to help professional technicians and workshop owners save time and reduce the difficulty associated with wholesale automotive parts procurement. Its search engine includes a built-in ordering system designed to help identify and order the right parts for the required repairs quickly and in a single search.
The investment supports Castrol’s aspirations to grow in the digital eco-system of the service and maintenance sector and forms part of its strategy to build a leadership position for the Castrol brand in the US automotive workshop market.
Mandhir Singh, CEO of Castrol, said: “This investment will further enhance BP and Castrol’s ambitions to grow in the service and maintenance space by digitally engaging with the workshops, helping enable fast and efficient delivery of parts and lubricants through PartsTech’s exciting new platform. As one of the world’s leading lubricants brands we want to play our part in all aspects of the workshop value chain.”
Shaun Healey, Principal, BP Ventures added: “The growing trend of process digitization in automotive maintenance is resulting in a shift to online ordering and supply management. This investment enables us to really capitalise on this trend and we are extremely excited to be working with PartsTech and exploring growth opportunities with our team at Castrol.”
Gregory Kirber, CEO, PartsTech, said: “Rapid changes in vehicle technology, connectivity, complexity, and ownership are all dramatically impacting service, maintenance, and repair. Our team is excited to accelerate our growth in providing enterprise procurement solutions for repair shops, software providers, fleets, and distributors. We are thrilled to partner with BP Ventures and Castrol and to be able to leverage their strength to expand our capabilities into lubricants and quick lube, as well as to support our continued growth into new geographic markets.”
The investment builds on and complements Castrol’s existing collaborations within the digital automotive maintenance market with RepairPal, a consumer facing portal for auto repair; Zubie, a fleet management and telematics business; Zippity, a mobile auto repair and maintenance provider, and Autino, a workshop management system provider.
BP Ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, BP has invested more than $500 million in technology companies across more than 50 entities with more than 300 co-investors.Venturing plays a key role in BP’s strategy to tackle the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions. Shaun Healey, Principal, BP Ventures will be taking up a director seat on the board of PartsTech.
PartsTech creates automotive e-commerce technology, helping repair shops, part distributors and manufacturers run their businesses more effectively and profitably through e-commerce and data innovation. For repair shops, PartsTech enables increased focus on productivity while researching and ordering parts. For distributors, PartsTech delivers leading-edge e-commerce capabilities, protects margins and improves profitability, while facilitating efficient online ordering. For manufacturers, PartsTech’s catalog processing provides unrivaled speed-to-market, as well as valuable analytics and insights. PartsTech is privately held, and is headquartered in Cambridge, MA.
Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fuelling the dreams of pioneers. Our passion for performance, combined with a philosophy of working in partnership, has enabled Castrol to develop lubricants and greases that have been at the heart of numerous technological feats on land, air, sea and space for over 100 years.
Castrol is part of the BP group and serves customers and consumers in the automotive, marine, industrial and energy sectors. Our branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology. The Castrol name and logo are registered trade marks of Castrol Limited.
To find out more about Castrol please visit www.castrol.com