FinditParts has raised a $30 million minority growth equity investment from Crestline Investors, Inc.
The Series A represents the first institutional investment that FinditParts has received since the company's inception and will be used to further expand its technology and digital content and significantly accelerate the growth of the team, the company says.
Founded in 2010 by industry veteran, David Seewack, FinditParts is changing the commercial vehicle aftermarket by providing the go-to online marketplace for buyers and sellers to connect in an industry where the process of identifying, purchasing, and receiving the correct parts quickly is a critical challenge. By leveraging the company's extensive network of suppliers and vendors, FinditParts says it provides buyers with access to the largest selection of both high-volume and hard-to-find aftermarket parts, thereby delivering great pricing and excellent availability across a vast selection of brands.
The company also enhances new customer acquisition for suppliers and vendors through an omni-channel strategy using its branded marketplace and industry partners to significantly expand reach to a broader customer base, driving accelerated growth and brand awareness.
FinditParts has achieved rapid growth through the high-value solutions it provides that help customers get vehicles back on the road quickly, resulting in over 100 percent year-over-year revenue growth in Q1 2022, the company says.
This capital infusion will enable FinditParts to continue pioneering the creation of a taxonomy for commercial vehicle aftermarket parts, providing the industry standard for how parts are categorized and identified. The funding also will drive advancements in parts identification and visual recognition technology, and further expand upon the millions of available SKUs at FinditParts.com, the company says.
"We are excited to add Will Palmer and the Crestline team to FinditParts," says Seewack. "Having self-funded our company for the last decade, it was critical to not just add capital to fuel our continued growth, but to also add a partner with the skills, connections and track record that would help assure our future success. We absolutely found that in Will and Crestline."
"We're thrilled to be partnering with David and the FinditParts team," adds Will Palmer, managing director, Crestline Investors. "Their capital efficiency, industry expertise, and operational excellence has made them the e-commerce leader in the CVA market. We are confident that through our new partnership we can further strengthen their position as a market leader and provide the end-user with even greater value."
DC Advisory served as exclusive financial advisor to FinditParts, and Prospera Law, LLP served as legal counsel. Jones Day served as legal advisor to Crestline. Financial terms have not been disclosed.
