BuyAutoParts.com, an online auto parts retailer based in San Diego, has received funding from investment groups Gladstone Investment Corp. and Gladstone Capital Corp. totaling $18.6 million.
Gladstone Investment has invested $13 million and co-investor Gladstone Capitol 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.
“This funding will help us grow and develop the business as we've envisioned but have never gotten the opportunity to execute,” said Dara Greaney, CEO of BuyAutoParts.com. “We want to invest in advancing our technology, improving efficiency, and focus on the expansion of our product lines to ultimately improve consumer experience.”
BuyAutoParts.com was established in 1989. In 2013, it earned a spot on the Internet Retailer Top 500 Guide for the first time, ranking at number 422.