Partful, a Manchester-based SaaS platform, has raised £5m in Series A funding to enhance its 3D interactive model capabilities and drive growth.
- Northern Gritstone led the investment round, focusing on advancing science and technology businesses in Northern England.
- The funding aims to automate Partful’s platform, benefiting the $640bn aftermarket sector.
- Partful continues to innovate in aftersales technology, addressing key challenges in part identification and ordering.
- With ongoing support from investors, Partful aims to overcome current financial challenges and expand its technological advancements.
Manchester-based Partful, a software-as-a-service company known for creating interactive 3D models, has successfully secured £5m in a Series A funding round. This move marks a significant step in enhancing its technology to automate its platform for better efficiency.
The investment round was led by Northern Gritstone, an investment entity that targets science and technology exploits in the North of England. The firm is chaired by Lord Jim O’Neill and had the participation of other investors, such as Par Equity and US-based Blumberg Capital.
Investment Director at Par Equity, Tom Croy, emphasized Manchester’s role as a critical innovation hub. He stated, “Manchester is a key hub for innovation and an area where Par Equity continues to expand its presence, so we’re thrilled to partner once again with Northern Gritstone to support this Manchester-based business.”
The funding supports Partful’s goal to automate its platform, aiming to revolutionize the $640bn aftermarket sector. This sector benefits from improved processes and tools to streamline part identification and ordering, reducing inefficiencies and errors.
Sam Burgess, CEO and co-founder of Partful, highlighted the need for advanced tools in the industry, noting, “Part identification is the first step in finding the right parts. When teams don’t have the right tools and information, it can result in multiple back-and-forth emails and calls which is time-consuming, frustrating and often ends up with the wrong parts being ordered.”
Despite posting a loss of £6.5m in its most recent accounts and employing 38 people, Partful has continued to receive backing from investors, including Seedrs and the British Business Bank’s Future Fund. This ongoing financial support is intended to help Partful overcome existing financial hurdles and spearhead technological developments.
Partful’s recent funding marks a crucial step in advancing its platform and tackling challenges in the aftermarket sector.
