Saudi Arabia-based QVM has raised an undisclosed Seed round led by Awab Holding Company with additional participation from 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 (SEM) platform for auto spare parts of all kinds, including cars, trucks, equipment and other vehicles. 

It 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 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,” said Tariq Rezaei 

“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,” said Fareed Rezei.

It currently counts a large number of parts dealers who use the platform on a daily basis, and an electronic warehouse with a total value exceeding one billion riyals in three countries: Saudi Arabia, UAE, and Bahrain.

"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,”  said Abdullah Al Zain.

This round will be used to expand the platform's scope further by adding new features and services to the spare parts dealers. 

“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,” said Fawaz Al-Otaibi, CEO of Awab Holding.