GRP, Fraser McCombs back electronic collision parts ordering pioneer uParts


car parts_lrgVenture capital firms GRP Partners and Fraser McCombs Capital have backed a Series A financing round for collision repair parts provider uParts.

The California-based company provides electronic parts procurement and communications through a cloud-based platform.

Founder, president and CEO Alex Adegan said, “It is astounding that in the year 2013, the 20th anniversary of the World Wide Web, repair facilities are placing their part orders using 100 year old technologies – the phone & fax machine.

“Can you imagine faxing a list of your destination cities to airlines, then waiting for them to call back with possible routes, pricing and availability?

“Our powerful and intuitive platform solves this problem by allowing all part orders to be placed with a single click.”

GRP partner Steven Dietz, who has joined the company’s board of directors, said, “uParts is a great company with a unique service offering to the collision repair industry.

“Collision shops have been slow to embrace technology for parts procurement and typically use phone and fax calls to place their orders, which results in minimal transparency and higher costs.

“uParts is solving this problem through technology that will transform the industry.”

GRP is believed to be approaching a $175m final close for its latest vehicle, GRP IV.

AltAssets revealed last November that the firm had gathered more than $148m for the fund in less than 12 months.

GRP IV is the firm’s second fundraise in three years following its close of GRP III on $185m in 2009.

Copyright © 2013 AltAssets