Friday, May 10, 2013

uParts Gets $2M To Revolutionize Auto Parts Business

uParts has a mission: revolutionize the auto parts procurement business. The Irvine-based startup also now has $2M in the bank to help it with that goal, announcing this morning that it has raised a Series A funding from GRP Partners, Fraser McCombs Capital, along with others. uParts said it is developing electronic parts procurement systems for the collision repair industry, which streamlines the identification, location, and procurement of auto parts.

uParts said that auto repair facilities are still stuck in the phone and FAX age, faxing orders to suppliers and waiting for phone calls; the firm says it wants to move the industry into the world of the Internet. The firm is led by Alex Adegan. As part of the funding round, GRP's Steven Dietz has joined the board of uParts.

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