Speero is the Riyadh-based online car parts seller paving its way through Saudi’s multi-billion dollar automotive aftersales industry.
Founded in 2017 by Saudi Arabian entrepreneurs Abdullah bin Shamlan, Ameen Mahfouz, and Abdulaziz Al Ashram, the start-up allows users to buy new and used automotive spare parts through its platforms.
“The idea for Speero came about after I had to struggle to find parts for my car – we wanted to dive in and solve a large problem in a massive market,” Abdullah Bin Shamlan, co-founder and managing director of Speero told Arabian Business.
“We wanted to digitalise the fragmented after-sales auto industry, and make parts easily accessible for customers, with transparent pricing.”
The business connects spare-parts sellers to end-customers through its website and mobile app that bring price transparency to the market. Customers submit information about the parts they want through the platform and various sellers then provide price quotations, allowing the end user to select the cheapest option that is then delivered to them within 24 hours.
Insurance companies can also connect with the platform to help their customers access car repair services transparently.
Humble beginnings
Commenting on Speero’s funding journey, Shamlan said: “What we offered wasn’t experienced in the region previously, so our initial funding came from friends and family.
“Today, we not only grew the business, but have also attracted world-class investors and employees who truly believe in our mission.”
Inspired by Saudi Vision 2030, the co-founder shared that the digitisation of legacy industries is what drives Speero’s ambition.
Saudi Arabian entrepreneurs Abdullah Bin Shamlan and Ameen Mahfouz of Speero.
Speero ships to over 90 cities in the kingdom and has logistics offices in Jeddah and Dammam.
Earlier this year, the start-up raised $1.8m in a pre-series A round, co-led by Nuwa Capital and Eq2 Ventures, which saw participation from Saudi and international investors, including JIMCO (Jameel Investment Management Company), Impact46, Access Bridge Ventures, and Mountain Partners.
“Our fundraising journey will continue, especially as we scale our business. The success of the business and strong fundamentals are what continues to attract investor interest in Speero,” added Shamlan.
Embracing its roots
As a Saudi start-up, Speero is prioritising supporting and nurturing the engineers in the kingdom to continue building world-class products locally.
“Our ‘made in Saudi Arabia’ product is something that we are extremely proud of. As we expand across new geographies, we want to be recognised for our heritage as a Saudi-headquartered company, while truly making an impact across the world,” said Shalman.
Speero has plans to expand its footprint within Saudi Arabia and the UAE, as well as exploring opportunities in other regional markets.
Alongside its geographic expansion, the start-up will continue to expand its partnerships with service centres, as well as leading automotive brands.
Speero gives providers the ability to buy parts for brands such as Toyota, Nissan, BMW, Audi and Honda.
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