Saudi startup Spiro raises 6.75 million riyals in funding | the world


Spiro platform provides its services to 750,000 subscribers throughout the Kingdom of Saudi Arabia, through a thousand service providers.

Riyadh-based start-up Spiro, a digital vehicle aftermarket service provider, has announced the successful closing of its sub-A Series financing round.

Spiro succeeded in raising financing amounting to 6.75 million riyals ($1.8 million) in a round led by Nawah Capital and Equi2 Ventures, with the support of Saudi and international investment entities, including Gemco (Jameel Investment Management Company), Impact46 and Impact. Access Bridge Ventures and Mountain Partners.

The startup “Spero” company, through its digital platform, provides pioneering services in the field of after-sales vehicles, such as “My Price Service” for valuing new and used car parts of different categories of cars, with the ability to offer the sale of auto parts, and the platform also provides a support service Workshops, exhibitions, and car catalogs.

As for the Spiro platform, Official Website The company provides its services to 750,000 subscribers throughout the Kingdom of Saudi Arabia, through a thousand service provider.

The startup, founded by entrepreneurs Abdullah bin Shamlan and Amin Mahfouz in 2017, won the partnership of major companies inside the Kingdom and gained their trust, such as Mohrkey, a leader in oil and filter change services, periodic maintenance, quick maintenance and tire change, and Geoshield. ) a leader in car care, nano-ceramic films for heat insulation of glass and nano products for car care. Spiro is also trusted by suppliers such as AutoHub and Abdul Latif Jameel Motors, and insurance providers such as Chubb and Salama Insurance, According to the company’s official website.

Spiro provides a huge number of spot price offers for spare parts, estimated at 3.5 million offers for many car brands such as Audi, Nissan, Toyota, BMW, Honda and others.

وقول Abdullah bin Shamlan, founder of Spiro, his company is one of the The first specialized projects in this area in the region.

The pioneering platform is in line with Saudi Vision 2030, which is to accelerate digital transformation in sectors and increase non-cash transactions to 70% of total financial transactions, according to previous statements by a spokesperson for GEMCO, the global investment arm of the Abdul Latif Jameel Foundation.

The startup seeks to provide services of digitizing transactions and enabling customers to easily access online services that allow users to enjoy a unique vehicle ownership experience.

Experts expect the commercial vehicle and passenger vehicle components sector in Saudi Arabia to grow by an estimated $10.15 billion by 2023.

The startup is strengthening its logistics infrastructure by creating cloud warehouses, for the benefit of its partners in Riyadh and Jeddah, who will be able to store at no cost and improve service delivery capacity.

The Spiro platform is available through an application available for Android and Apple smartphones (iOS).

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