Aftermarket tech specialist 聽has received 拢2.4m in funding to accelerate the development of its 鈥榚xploding鈥� 3D parts SaaS platform.
Led by Par Equity, with participation from US-based Blumberg Capital,聽it takes the total investment from Par Equity and Blumberg Capital to 拢6.2m in the last 18 months.
Partful, previously known as SamsonVT聽before a recent rebrand, has announced a string of new clients, which include three brands in the emerging electric vehicle sector 鈥� Maeving, GOVECS and Dragonfly Hyperscooter.
The business – which topped our FactoryTech 50 ranking this year – has grown its revenues by more than 100 per cent year-on-year and counts Lotus Cars, Norton Motorcycles and IDEX Corporation among its customer base.
This latest investment will enable an expansion of the engineering team developing Partful鈥檚 innovative platform, which is supporting the manufacturing industry鈥檚 transition to the circular economy.
The funding will also enable faster growth in the European and US markets and accelerate Partful鈥檚 adoption.
Graeme Gilbert, head of product at electric motorcycle manufacturer Maeving said: “I haven鈥檛 seen anyone else offering this level of product in this particular section of the market for a long time. Partful saves the product team and the engineers a lot of work.鈥�
To support a growing customer base, Partful also expanded its workforce by 95 per cent, during this period, and made several key appointments.
It has also opened new UK headquarters in Manchester and launched a European Centre of Technology in Warsaw.
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Partful provides an end-to-end product repair support platform that allows product customers to accurately identify, order and replace parts using interactive 3D explosion models.
Sam Burgess, CEO and co-founder of Partful, said: 鈥淭his funding is great news as it will help propel the development of our 鈥榚xploding鈥� 3D parts platform and help us scale our growth by catering to a larger audience.
鈥淲e鈥檙e incredibly excited about unleashing the potential of this technology on a global scale. We are also expanding our commercial force to take our product to more US and European clients. I鈥檓 thrilled to have partners on board who share that vision and want to make this a reality as soon as possible.”
Tom Croy, investment director at Par Equity said: 鈥淲e see the $400bn aftermarket as a realm full of untapped opportunities. The success of Partful’s platform, characterised by its impressive customer acquisition and revenue growth, serves to validate our conviction in the game changing potential of its innovative 3D parts platform.
鈥淲e are excited to support Partful’s journey, not just as investors but as staunch believers in their vision to revolutionise the industry and fuel a global shift in the aftermarket.鈥欌��
Stanton Green, senior director at Blumberg Capital and board member of Partful, added: 鈥樷�楾he Partful team continues to make an impact on clients’ after-sales engagement and parts revenue.
鈥淭he after-sales ecosystem is a massive global market, entrenched in legacy technology platforms and workflows. Partful’s 3D catalogues, detailed work instructions, and eCommerce capabilities will power the experiences that customers of market-leading brands have come to expect.鈥�