🔧 Lessons from MOVE America: Diving into Innovation and the Auto Spare Parts Industry

As we enter the last quarter of 2024, it's interesting to see how the mobility and auto parts industries are evolving and how we can adapt to thrive. Keep reading as we delve deeper into these trends.

Oct 17, 2024

Welcome to The Paddock, your go-to place for the latest insights and trends revolutionizing the mobility sector globally. 🚗

— Curated by Rodolfo, Enrique, Gastón, Cecy, and Bernardo: the Proeza Ventures team. 💪

📌 Do you know a startup reshaping mobility by being more efficient, safer and environmentally friendly? We want to meet them! 📩

🏁 Check our investment thesis and learn more about our Portfolio Co.

🪩 Proeza Ventures Spotlight

🇺🇸 Proeza Ventures at MOVE America 2024! MOVE America 2024 was an exciting opportunity for us to connect with industry leaders, catch up with founders both new and familiar, and explore the latest innovations in sustainable mobility. Special kudos to Enrique Zambrano, our Managing Partner, for representing us on the panel, "Identifying Start-Up Success Across Different Markets," where he shared valuable insights on navigating diverse markets.

We also had the pleasure of co-hosting the Maniv & Proeza Ventures Dinner and Drinks, an evening filled with meaningful networking and collaboration. Below, you can find us alongside Ken Munson, CEO of Rhythmos, and Josh Hirahara, CEO of Gauge.

If we missed you at the event, feel free to reach out—we’re always eager to continue the conversation!

🏆 Our PortCos News

🚀 Congratulations to Cargado on Their Launch!

We are excited to announce that Cargado is officially coming out of stealth mode to introduce the first invite-only load board for freight moving into and out of Mexico!

With over 50 customers—including NTG, Traffix, Ryder, and Steam—and more than 300 carriers (totaling 55,000 trucks and 150,000 trailers), Cargado is already facilitating bids on cross-border freight. This launch marks the first step in their vision to make cross-border freight interconnected, dependable, and transparent.

👉 For insights into their founding story and their vision, check out CEO Matt’s newsletter.

🚗 Joyrides partners to enhance Fleet Management and Rider Experience

Congratulations to Joyride on their exciting partnership with velofix Group of Companies! By teaming up with the mobile e-bike shop and on-call maintenance service, Joyride is making fleet management faster and more convenient for operators and users alike. This partnership will ensure seamless mobility operations, minimizing downtime and maximizing riding experiences for fleets of all sizes, from large companies to city-focused operations.

👉 Check it out here!

⚡ Attention California Fleet Operators, XOS is here to help!

Don't miss your chance to secure HVIP incentives for fleets with 50+ vehicles! With funding set to phase out by January 1, 2025, this is your opportunity to electrify your fleet with the #XosSVStepvan at a reduced cost. Learn how XOS can assist you in navigating the HVIP application process and maximizing your funding before it's too late.

👉 Discover more here!

🏅 Kigo Wins "Empresas Poblanas de 10" Award!

We are thrilled to announce that Kigo has received the "Empresas Poblanas de 10" award, presented by the City of Puebla through the Secretary of Economy and Tourism. We are proud that Kigo is among the 65 distinguished companies in Puebla, their hometown, recognized for its efforts, achievements, and the positive impact they've made in the community.

👉 Learn more about the event here!

🔧 What’s Next in the Auto Spare Parts Industry?

The global auto spare parts and accessories market is undergoing a transformation, driven by rapid technological advancements and evolving consumer preferences. What used to be a straightforward industry, supplying essential components like engines and brakes, is now a dynamic ecosystem influenced by the rise of electric vehicles (EVs), autonomous driving, and vehicle connectivity. During the pandemic, the industry’s resilience shone through as consumers shifted towards repairs rather than purchasing new cars, pushing demand for spare parts to new heights.

As we transition into a post-pandemic world, the market is seeing continued growth, fueled by stricter environmental regulations and the increasing demand for advanced driver-assistance systems (ADAS). Parts manufacturers are now tasked with not only meeting these new standards but also offering solutions that enhance safety and performance.

The Role of Technology in Shaping the Future of Spare Parts

As the market evolves, we’ve seen many startups and founders identifying pain points in the traditional spare parts industry and offering innovative solutions that disrupt the market. At the heart of this transformation is the role of advanced technology. From AI-driven automation to data integration, these innovations are solving longstanding inefficiencies and redefining how auto spare parts are sourced, assessed, and sold.

AI-powered systems are streamlining the procurement process, which has historically been manual and time-consuming. These tools now allow mechanics to source parts with speed and precision, transforming a process that once took hours into one that takes mere minutes. In terms of inventory management, AI-driven systems also help sellers list parts across multiple marketplaces automatically, ensuring consistency in descriptions, pricing, and availability. This speeds up the sales process, reduces human error, and increases the visibility of spare parts online.

The Future: A Connected and Automated Ecosystem

As vehicles become more connected and autonomous, the future of the spare parts market will increasingly revolve around seamless integration between vehicles and suppliers. Imagine a world where cars diagnose their own issues and order parts autonomously, minimizing downtime and enhancing customer satisfaction. This vision is becoming a reality, with startups at the forefront of this shift, offering tech-driven solutions that are reshaping the industry.

These entrepreneurs are creating a more efficient, responsive, and technology-centered ecosystem, driving the spare parts market into the future. Those who embrace this technological transformation will lead the charge in a rapidly evolving landscape, where the ability to adapt quickly is key to staying competitive.

We are eager to keep meeting these founders and learning about their vision. Based in Mexico, we recognize the immense opportunities for innovation and digital transformation across Mexico and LATAM, where the potential for disruption is vast and the need for technological advancement is clear.

👉 Check more information about the Auto Spare Parts Logistics here.

📗 Interesting Reads

🚲 A win for biking

During the 2024 legislative session, PeopleForBikes successfully advocated for policies that promote fun, safe, and connected places to ride, welcoming more people to the joys of bicycling. In support of advancing bike safety and access, Ridepanda is proud to offer high-quality e-bikes and pedal bikes through our employer-sponsored micromobility subscription program!

👉 Check the full note shared by the Ridepanda team in this Linkedin post.

🌍 September 22, World Car-Free Day

In light of World Car-Free Day, we recognize that 48% of global transport CO2 emissions stem from private cars. Embracing #SharedMobility is crucial for making a positive impact on our environment. While the World Car-Free day has concluded, the commitment to sustainable commuting remains essential. BusUp offers various shared transport solutions, including shuttles, vans, carpooling, biking, and walking, to help reduce our carbon footprint and enhance urban life.

👉 Let’s continue to move toward a greener, healthier future together! Check out BusUp Linekdin post to keep learning more about their work.

📯 Hot Deals

At Proeza VC we check many deals weekly. Here are the Top deals that caught our attention recently!

🚀 Ameba, a London startup that provides AI-powered tools for managing supply chains, offering features like real-time tracking, automated communication with suppliers, and data insights, raised a $7 million seed round. Hedosophia led the transaction, with Anamcara Capital and previous investor Visionaries Club also stepping up. (4.Oct.2024)

🚀 AmpUp, a California based electric vehicle (EV) charging platform company announced a $15 million Series A funding. Touchdown Ventures led the latest funding round. (26.Sep.2024)

🚀 Anaphite, a UK-based developer of production technology for battery electrodes received a $13.7 million Series A led by World Fund and Maniv. (1.Oct.2024)

🚀 AtoB, a San Francisco based payment solutions provider for the transportation industry raised $30 million in Series C funding. General Catalyst and Bloomberg Beta led the round and were joined by Mastercard and others. (19.Sep.2024)

🚀 BizzyCar, a Missouri-based company that provides an automated platform that helps car dealerships manage recall services and increase service revenue, raised a $15 million round led by Dealer Tire (8.Oct.2024)

🚀 Bot Auto, a Houston-based autonomous truck developer raised $20 million in pre-Series A funding from Brightway Future Venture, Cherubic Venture, EnvisionX Venture, and others. (27.Sep.2024)

🚀 Cariqa, a Berlin based EV charging marketplace raised €1 million in pre-seed funding from Anthemis, Vento Ventures, Hatcher+, and others. (24.Sep.2024)

🚀 Clean Electric, an Indian startup that designs advanced liquid-cooled battery systems primarily for electric two- and three-wheelers raised an $6 million Series A round. Investors included Info Edge Ventures, Pi Ventures, and Kalaari Capital. (10.Sep.2024)

🚀 Corvus Robotics, a California based autonomous inventory management systems provider raised $18 million in Series A funding. S2G Ventures and Spero Ventures led the round and were joined by Y Combinator. (8.Oct.2024)

🚀 Cyclic Materials, a Toronto startup that recycles rare earth elements such as neodymium from products like electric vehicles, wind turbines, and electronics, raised a $53 million Series B round led by ArcTern Ventures, with BDC Capital's Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft's Climate Innovation Fund (25.Sep.2024)

🚀 DC Connected, a German startup whose product integrates with a vehicle's software to diagnose issues, provide repair guidance, and interact with users through chat or voice interfaces, raised a $2.3 million seed round. Borusan Ventures, Venpace, Atlas Ventures, APX, and Bloomhaus Ventures participated in the financing. (12.Sep.2024)

🚀 DeepDrive, a Munich startup that is developing a "dual rotor" EV motor raised a $33.5 million Series B round. Leitmotif led the financing, with previous investors BMW I Ventures, Co-Pace, UVC Partners, and Bayern Kapital also joining in. (17.Sep.2024)

🚀 Distribusion, a Berlin company that operates a B2B marketplace for booking ground transportation like buses, trains, and ferries, raised an $80 million Series C round led by TQ Ventures, with previous investor Lightrock also participating. (26.Sep.2024)

🚀 Finkargo, a Colombia-based trade platform for SMEs raised a $95 million debt and equity in a Series A extension from QED Investors, Community Investment Management and others. (13.Sep.2024)

🚀 Genlogs, a Washington, DC-based startups that uses AI and a network of roadside sensors to track trucks and freight in real time across the U.S., raised a $6 million seed round led by Autotech Ventures and Steel Atlas, with participation from Venture53, TitletownTech, Plug and Play Ventures, BBQ Capital, ASC Ventures, and JHH Ventures (24.Sep.2024)

🚀 Hgen, a Los Angeles based startup that designs high efficiency electrolyzers with the aim of producing low-cost hydrogen for industrial use, raised a $5 million seed round led by Seven Seven Six and including Fontinalis Partners as well as previous investor Founders Fund. (17.Sep.2024)

🚀 Inbolt, a Paris-based developer of robot guidance systems completed a €15 million Series A led by Exor Ventures. (17.Sep.2024)

🚀 Numa, a California based AI platform for auto dealerships, raised $32 million in Series B funding. Touring Capital and Mitsui led the round and were joined by existing investors Costanoa Ventures, Threshold, and Gradient Ventures. (1.Oct.2024)

🚀 Outgo, a Seattle startup that streamlines payment processes and invoice management for small trucking companies raised a $15 million round last year co-led by Gradient Ventures and Construct Capital, with Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack, and Upper90 also piling on. (24.Sep.2024)

🚀 Ovoko, a Lithuana based online marketplace for autoparts secured €20 million in Series B funding from Smash Capital (3.Oct.2024)

🚀 Pallet, a San Francisco-based transportation and warehouse management system provider, raised $18 million in Series A funding. Bain Capital Ventures led the round and was joined by Bessemer Venture Partners, Activant Capital, and angel investors. (2.Oct.2024)

🚀 Paren, a San Francisco startup that helps companies and organizations optimize EV charging and fleet management, raised a $3 million round led by Base10 Partners, withFounders Network Fund and Luc Vincent also contributing. (3.Oct.2024)

🚀 Pickommerce, an Israeli startup that develops warehouse "pick and pack" robotic systems, raised a $3.4 million round led by IL Ventures, with additional funds provided by InNegev, Fusion VC, the Israel Innovation Authority, and ZIM Ventures. (17.Sep.2024)

🚀 Safire Technology Group, a Tennessee-based battery technology developer for government and automotive markets, raised $8 million in funding. Canaan Partners led the round and was joined by Correlation Ventures, Higher Life Ventures, Ajinomoto, and others. (18.Sep.2024)

🚀 Senvo, a Berlin-based spend visibility and reconciliation platform for shippers, raised €2.5 million in funding. efy.vc and Two Ravens led the round and were joined by Fund F and angel investors. (27.Sep.2024)

🚀 Two Boxes, a Denver-based returns management solution provider raised $5.3 million round led by Peterson Ventures, with participation from Assembly Ventures and investors Vinyl, Range Ventures, and Matchstick Ventures. (17.Sep.2024)

🚀 Zeno, an East Africa-based startups that that makes electric motorcycles and swappable batteries for customers in emerging markets, raised a $9.5 million seed round co-led by Lowercarbon Capital and Toyota Ventures and including 4DX Ventures, Active Impact, Advantedge, MCJ, and RedBlue. (19.Sep.2024)