FinditParts, a Santa Monica-based e-commerce company focused on automotive parts trading, said it had raised $30 million in its latest funding round thanks to a minority growth equity investment from Crestline Investors.
Founded in 2011 by industry veteran David Seewack, FindItParts claims that it’s the largest nationwide source for parts for heavy-duty trucks and trailers, providing “buyers with access to the largest selection of both high-volume and hard-to-find Leading Commercial Vehicle Aftermarket [CVA] parts” according to a May 31 statement on the funding.
The company said the $30 million minority growth equity investment from the Fort Worth, Texas-based Crestline would “enable FinditParts to continue pioneering the creation of a taxonomy for CVA parts, providing the industry standard for how parts are categorized and identified.”
In a statement, Seewack noted the Series A represented the first institutional investment that FinditParts has received since the company’s inception.
“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,” said Seewack.
The company said the capital infusion would also drive advancements in parts identification and visual recognition technology, adding millions of potential parts to its online inventory.
With 25 physical locations nationwide, the company provides an 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” according to its website.
DC Advisory served as exclusive financial advisor to FinditParts throughout the funding round, and Prospera Law LLP served as legal counsel. Jones Day advised Crestline.