UParts, a US-based cloud platform for automotive parts sourcing and procurement, has raised $2m in its series A round from a consortium including Fraser McCombs Capital, the $40m corporate venturing fund of US-based car dealer BJ “Red” McCombs. Alongside Fraser McCombs Capital, which gathered external limited partners from individuals to raise the fund, in the round were venture capital firm GRP Partners and individual angels. Chase Fraser, managing partner at Fraser McCombs Capital, said: “Alex Adegan [founder and executive president of UParts] is an innovative entrepreneur and a strong leader who, with his team, are disrupting the collision repair industry. “We focus our investments in early stage technology companies in the automotive space and believe we can help UParts grow into a consequential player in this enormous industry by leveraging our experience and relationships.” Earlier this year, EcoDual raised $3m from Fraser McCombs Capital The company’s website said its other portfolio included Kapost, Phunware, Relevant Solutions,Roximity, Autoniq, Showroom Logic, Tred and TradeInVelocity.
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UParts sources $2m
May 10, 2013 • Global Corporate Venturing
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