Partly, a company focused on connecting the world’s car parts making it easier for buyers and sellers, has become New Zealand’s fastest growing start-up after raising $37 million in funding.

Funds were gained from leading venture capitalist funds such as Octopus Ventures and Blackbird Ventures.

Partly is now valued at near $180 million after registering as business over two years ago, powering over $150 million annual orders and over $4 billion indirectly.

The investment of $37 million will be used to continue the company’s global growth by doubling their headcount and growing their global presence in New Zealand, Australia and Europe over the next year.

CEO and ex-Rocket Lab engineer Levi Fawcett hopes to expand the team to include a range of data scientists, engineers, and automotive veterans to build algorithms that are precise in hopes to solve one of the biggest challenges in buying parts today.

Read more: Ten tips for raising capital in a challenging climate

“This is an incredibly difficult technical problem that nobody has cracked. The early founding team we have built is key to our success so far,” he says.

He also adds their success is also attributed to the use of cutting-edge technology and large customer base, especially in Europe which they are prioritising.

Partly’s list of clients include multiple Fortune 500 companies that represent the leading global marketplaces of automakers and parts manufacturers.

Supporting all corners of the auto parts industry, Partly has been able to experience high buyer confidence, with a return rate reduction of 80 percent.

Matt Chandler, investor at Octopus Ventures says their focus on consumers has led to Partly tackle the “uniquely complex big data problem”.

“Since launching the company, the team has grown from strength to strength with deep engineering experience from the likes of Amazon, eBay and Rocket Lab,” says Chandler.

“We are incredibly excited by the impact this company is already having on the global automotive industry by improving the experience not only for consumers but across the entire value chain.“

Samantha Wong, partner at Blackbird Ventures also adds that Partly is tackling one of the most challenging but valuable problems in the market globally.

“The revenue ramp in the last year has been amongst the best we’ve ever seen.”

With the funding, Partly hopes to help better tackle the industry that has an ecosystem worth $1.9 trillion.