Saudi Arabia-based QVM, on Wednesday, announced that the company has raised an undisclosed amount in a seed round led by Awab Holding Company, with participation from some angel investors.
Founded earlier this year by Tariq Rezai (CEO), Farid Rezaei (CTO), and Abdullah Al Zain (CMO), QVM operates as a B2B SaaS-enabled marketplace for automobile spare parts and equipment for cars, trucks, and other vehicles. The company serves parts merchants such as retailers, wholesalers, agencies, online B2C marketplaces as well as relevant organisations, such as insurance companies, corporate maintenance workshops and others.
The company is aiming to deploy the fresh funding to expand the platform’s scope further by adding new features and services to the spare parts dealers.
Speaking of the investment in QVM, Tariq Rezaei, in a statement said,
“The auto spare parts market is a huge market and it grows annually by 5 per cent, but the method of work still lacks the basics of development, and thus business owners locally and regionally in the market suffer by working manually with the daily operations, and QVM covers this gap and provides to the merchants a value that increases their performance at work and increases their profits,”
Sharing the core-cognition of QVM, Fareed Rezei, stated,
“Operations in the spare parts business, in general, is well organised and has an advanced supply chain. Developing technical solutions with operations at this level makes everything more interesting. However, it needs a lot of effort to change the market mentality, and that is what we are trying to achieve,”
QVM claims that at present it counts a large number of parts dealers who use its platform daily, and an electronic warehouse with a total value exceeding SR 1 billion across three countries, Saudi Arabia, UAE, and Bahrain.
Sharing the vision for QVM, Abdullah Al Zain, quoted,
“We started from Saudi Arabia on the basis that we aspire to expand in the Middle East more quickly and add suppliers from industrialised countries, due to the nature of the business model that can expand rapidly despite the difficulties of entering it,”
On investing in QVM, Fawaz Al-Otaibi, CEO of Awab Holding, said,
“The spare parts market is a large market and lacks centralisation, and we have seen that QVM solution provides this feature, which is in line with our vision at Awab Holding to invest in emerging companies that provide infrastructure solutions to the markets and organise them,”