Volition, a technology company that operates the world’s largest industrial parts marketplace, has raised $11 million in a Series B funding round. The funding will be used to scale the company’s operations and expand its reach globally. The marketplace connects buyers and sellers of industrial parts, making it easier for businesses to find the parts they need and for sellers to reach a wider audience.
The industrial parts market is a massive industry, with an estimated value of $2 trillion globally. However, it is also a highly fragmented market, with many small and medium-sized businesses operating in different regions and industries. This fragmentation makes it difficult for buyers to find the needed parts and for sellers to reach a wider audience. Volition’s marketplace solves this problem by providing a centralized platform where buyers and sellers can connect.
“We are in a critical moment for B2B commerce, where consumer trends are spilling over – and managers, as well as C-suite leadership, are looking for ways to modernize, simplify and create efficiencies around how they buy and sell products,” said Tom Wisniewski, Managing Partner at NVP. “B2B marketplaces like Volition – which serves a specific vertical with a set of tools that lower the barrier of entry for low-tech teams are positioned for easy adoption and fast growth. We believe (CEO) Nick and the Volition team have the perfect mix of startup grind and industry expertise to make real waves in the industrial components market with this model.”
The company’s funding round was led by Newark Venture Partners and Quiet Capital, with major participation from Lachy Groom, Alan Rutledge, Julian Capital, and Humba (Susa) Ventures.
The platform uses advanced algorithms and machine learning to match buyers with the right parts and sellers with the right customers. This makes it easier for businesses to find the parts they need and for sellers to reach a wider audience. The company has already seen significant growth since its launch in 2019.
