{"id":26413,"date":"2021-07-12T11:07:45","date_gmt":"2021-07-12T08:07:45","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=26413"},"modified":"2026-03-27T22:51:11","modified_gmt":"2026-03-27T19:51:11","slug":"saudi-arabias-digital-automotive-services-start-up-speero-announces-sar-6750000-us-1-8-million-pre-series-a-funding","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/saudi-arabias-digital-automotive-services-start-up-speero-announces-sar-6750000-us-1-8-million-pre-series-a-funding\/","title":{"rendered":"SAUDI ARABIA\u2019S DIGITAL AUTOMOTIVE SERVICES START-UP SPEERO ANNOUNCES SAR 6,750,000 (US$ 1.8 MILLION) PRE-SERIES A FUNDING"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li>The funding will accelerate Speero\u2019s ambition to digitalise Saudi Arabia\u2019s automotive after-sales ecosystem from spare parts sales to repair services&nbsp;<\/li><li>The new round is co-led by Nuwa Capital and Eq2 Ventures, and includes the participation of&nbsp; JIMCO, Impact 46, Access Bridge Ventures and Mountain Partners<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh, July 12, 2021<\/strong> &#8211; Riyadh-based digital automotive services start-up<a href=\"http:\/\/www.speero.net\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Speero<\/a> has announced the closure of its pre-Series A funding round of US$1.8 million (SAR 6.75 million), co-led by Nuwa Capital and Eq2 Ventures. This funding round also includes the participation of Saudi and international investors including JIMCO (Jameel Investment Management Company), Impact46, Access Bridge Ventures and Mountain Partners&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speero is Saudi Arabia\u2019s leading digital platform for automotive after-sales, and is used by over 1,000 partners and service providers, with over 750,000 registered customers across the Kingdom, generating 3.5 million instant quotations for spare parts. Through Speero, partners can buy parts for several leading brands including Toyota, Nissan, BMW, Audi, Honda, and more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Founded by entrepreneurs Abdullah Bin Shamlan and Ameen Mahfouz in 2017, Riyadh headquartered Speero is an online platform for automotive after-sales solutions, enabling providers to digitalise transactions and customers to access services online. The new funding will help deliver on the start-up\u2019s ambition to become a one-stop destination for services across the automotive after-sales ecosystem with its offering including spare parts, repairs, for end customers such as individuals and insurance companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWe are excited to welcome our new investors, all of whom are renowned for partnering with and supporting the growth of the start-up ecosystem. The automotive after-sales value chain hasn\u2019t 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,\u201d<\/em> said Abdullah Bin Shamlan, Co-founder &amp; Managing Director at Speero.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He continued, \u201c<em>The next stage of our growth will be focused on strengthening our market-leading position and realise the untapped potential of this multi-billion-dollar sector. As we evolve the automotive after-sales experience with a made -in Saudi Arabia, <\/em>Software-as-a-Service (SaaS)<em> offering, , we are strongly positioned to transform the sector through innovative technology.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi Arabia\u2019s automotive components sector for commercial and passenger vehicles is set to grow to <a href=\"https:\/\/www.automechanikariyadh.com\/ar\/uploads\/2020%20post%20show%20report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">US$10.15 billion by 2023<\/a>. Speero\u2019s mission to digitalise transactions also closely aligns with Saudi Arabia\u2019s Vision 2030 target to accelerate the transformation of legacy industries and grow non-cash transactions to 70%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With this new funding round, Speero will also move closer to introducing the region\u2019s first SaaS enabled business-to-business-to-consumer marketplace, offering partners and providers with an integrated platform of services from inventory management and administration to business development and demand generation. Partners will also have access to cutting-edge data and analytics, which will advance their growth and help them deliver products to customers within 24 hours.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<em>Speero has been driving concrete change in the automotive after sales market since launch in Saudi Arabia. Through its SaaS platform, the company is helping drive digitization, efficiency, and transparency in a space that&#8217;s remained largely fragmented and opaque, and we&#8217;re excited to be joining Abdullah and Ameen on their journey<\/em>,\u201d said Sarah Abu Risheh, Partner at Nuwa Capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>A spokesperson from JIMCO, the Jameel family\u2019s global investment arm, stated: \u201c<\/em>JIMCO&#8217;s participation in Speero&#8217;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&#8217;s growth, which will help drive the digitalisation of Saudi\u2019s mobility sector.<em>&#8220;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This funding round will also be leveraged to strengthen Speero\u2019s logistics infrastructure, with the creation of fully-automated warehouses \u2013 also known as cloud warehouses &#8211; for partners in Riyadh and Jeddah, who will be able to set up storage at no cost and optimise the delivery of services. Over the coming months, in line with its growth, Speero will also invest in hiring across key leadership positions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brands on Speero include leading repair shops Mohrkey, Geoshield and h2o; suppliers AutoHub and Abdul Latif Jameel Motors; and insurance providers Salama Insurance, and Chubb Insurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Speero application is available for Android and Apple smartphones. New partners and service providers can register&nbsp; through<a href=\"http:\/\/www.speero.net\/\" target=\"_blank\" rel=\"noreferrer noopener\"> www.speero.net<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The funding will accelerate Speero\u2019s ambition to digitalise Saudi Arabia\u2019s automotive after-sales ecosystem from spare parts sales to repair services&nbsp; The new round is co-led by Nuwa Capital and Eq2 Ventures, and includes the participation of&nbsp; JIMCO, Impact 46, Access Bridge Ventures and Mountain Partners Riyadh, July 12, 2021 &#8211; Riyadh-based digital automotive services start-up [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":26414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-26413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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