BuyAutoParts.com Receives $18.6 Million in Funding
SAN DIEGO--Jan. 21, 2014: BuyAutoParts.com, an online auto parts retailer based in San Diego has received funding from investment groups Gladstone Investment Corporation and Gladstone Capital Corporation totaling $18.6 million.
Gladstone Investment Corporation has invested $13.0 million and co-investor Gladstone Capitol Corporation provided another $5.6 million in financing to purchase a portion of BuyAutoParts.com. Both companies have expressed that the BuyAutoParts.com business model of product category depth, in-stock inventory, and expert sales support are some of the major factors in their decision for investment.
"We are very excited to have the investment groups join our team," commented Dara Greaney, CEO of BuyAutoParts.com. "This funding will help us grow and develop the business as we've envisioned but have never gotten the opportunity to execute. We want to invest in advancing our technology, improving efficiency, and focus on the expansion of our product lines to ultimately improve consumer experience."
Over the years, the company has seen significant growth. In 2013, BuyAutoParts.com earned a spot on The Internet Retailer Top 500 Guide for the first time, ranking at number 422. The company was also named to the San Diego Business Journal's Fastest Growing Companies list last July, ranking in at number 75 after seeing 60.74% growth in revenue between 2010 and 2012. This year, the company made SDBJ's list of Largest Private Companies of 2014, coming in at number 41 for the San Diego area.