Irvine, Calif.-based uParts Inc. has closed on $2 million in Series A financing. GRP Partners and Fraser McCombs Capital co-led the round. The company has created a cloud-based platform servicing the collision repair industry.
uParts, Inc., announced closing of its Series-A financing led by GRP Partners, Fraser McCombs Capital and other influential individuals in the automotive industry. The company launched operations from its headquarters in Irvine, California enabling electronic parts procurement, predictable fulfillment and communications through an intuitive cloud-based platform servicing the collision repair industry.
“It is astounding that in the year 2013, the 20th anniversary of the World Wide Web, repair facilities are placing their part orders using 100 year old technologies — the phone & fax machine,” stated Alex Adegan, uParts’ Founder, President & CEO. “Can you imagine faxing a list of your destination cities to airlines, then waiting for them to call back with possible routes, pricing and availability? Our powerful and intuitive platform solves this problem by allowing all part orders to be placed with a single click.”
“uParts is a great company with a unique service offering to the collision repair industry. Collision shops have been slow to embrace technology for parts procurement and typically use phone and fax calls to place their orders, which results in minimal transparency and higher costs. uParts is solving this problem through technology that will transform the industry,” said Steven Dietz, a Partner at GRP Partners. “We look forward to working with uParts and bringing our experience in technology and automotive to help drive long term value.” Mr. Dietz has joined uParts’ Board of Directors.
“It is a testament to our business model that we are able to attract world-class investment firms such as GRP Partners, the largest venture capital firm in Southern California and Fraser McCombs Capital, one of the leading investment firms in the automotive industry,” stated Alex Adegan. “uParts seeks to modernize the collision repair industry through a web-based platform that seamlessly integrates into legacy applications of repair shops and inventory management systems of part suppliers. This improves profits for our repair facilities by lowering costs, reducing labor and streamlining the entire procurement process. We are pleased to have such esteemed investors recognize our potential.”
uParts is deploying its platform nationally by broadening its installed-base of collision repair centers, electronically integrating with more supplier inventory management systems and expanding its feature-set. The Company is in a strong position to capture a significant portion of the $15 billion collision parts industry.
“Alex Adegan is an innovative entrepreneur and a strong leader who, with his team, are disrupting the collision repair industry,” said Chase Fraser, Managing Partner at Fraser McCombs Capital. “We focus our investments in early stage technology companies in the automotive space and believe we can help uParts grow into a consequential player in this enormous industry by leveraging our experience and relationships.”
uParts, headquartered in Irvine, California, is revolutionizing the repair industry through its cloud-based platform where auto parts are systematically identified, effectively located, and electronically procured. uParts automates the entire procurement process for its partners by seamlessly integrating into their legacy applications and providing a transaction and communications portal. uParts stands at the forefront of technology for the auto parts industry, bridging the gap between repair facilities and part suppliers with powerful cutting-edge solutions. uParts’ pledge is to stay independent and unbiased; and to provide the most effective solutions to its repair facilities and part suppliers.
About GRP Partners.
GRP Partners was founded in 1996 with the mission to help entrepreneurs achieve their goals of building big, transformative businesses. The partners of GRP have been involved with many startups over the years, of which 15 stand out companies have achieved exit valuations above $1 billion. We’re proud of this accomplishment and the diversity of teams that we’ve backed – notably that all of our biggest wins have come from outside of Silicon Valley. Our last fund is the single best performing fund in the United States according to the independent industry database, Preqin. (Preqin 2000 Vintage Funds >$100mm)
About Fraser McCombs Capital.
Fraser McCombs Capital is a venture capital firm focused on early-stage technology companies within the automotive space. We are the first and only venture fund that’s managed by automotive entrepreneurs and dealers. We have long standing relationships with Tier 1, 2, and 3 vendors, and connections with leading OEM executives and principals of the largest dealer groups. This allows us to provide key introductions for our portfolio companies.