A newly launched B2B marketplace for industrial parts supplies has raised $11 million in new funding.
The marketplace, Volition, will use the newly raised investment money from Newark Venture Partners and Quiet Capital, with participation from Lachy Groom, Alan Rutledge, Julian Capital, and Humba (Susa) Ventures, to continue expand operations, the company says.
Volition B2B marketplace
“Volition is the first marketplace for the $2 trillion industrial components industry that helps engineering and purchasing teams find and buy all of the parts they need to prototype and manufacture their designs,” says CEO and co-founder Nick Pinkston.
The industrial parts market is highly fragmented, with over 500,000 unique suppliers that can be difficult to discover, the company says.
“Prior to Volition’s arrival, there was no way to easily search across all suppliers,” the Volition B2B marketplace says. “Most suppliers are new to ecommerce. And the majority do not currently provide customers a way to search for or purchase their products online, meaning customers must search through a patchwork of options to find what they need.”
Volition says its core B2B marketplace technology directly integrates with suppliers’ databases to maintain updated information and creates automated systems that quickly search and filter parts by exact product specifications, the marketplace says.
The Volition B2B marketplace, on the web at GoVolition.com, is based in San Francisco.
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