Issue link: https://nebusinessmedia.uberflip.com/i/1488298
HARTFORDBUSINESS.COM | DECEMBER 19, 2022 9 STARTUPS, TECHNOLOGY & INNOVATION $5,200,000 Construction-to-Permanent Mortgage Construction Financing for Self-Storage Facility in Farmington $3,000,000 Revolving Line of Credit Receivable Financing for Logistics Company in Bristol $6,000,000 Term Loan Acquisition Financing for Materials Company in Southington For more information, contact: Here to Help Your Business Flourish. ThomastonSB.com | 855.344.1874 | | Member FDIC | Equal Housing Lender Anthony Mattioli VP, Sr. Commercial Loan Officer AMattioli@ThomastonSB.com 860-283-3469 John-David Scarritt First VP, Sr. Commercial Loan Officer JScarritt@ThomastonSB.com 860-283-3425 Trish Tomlinson VP, Sr. Commercial Loan Officer PTomlinson@ThomastonSB.com 860-283-3499 ∙ Commercial Real Estate Mortgages ∙ Term Loans ∙ Lines of Credit ∙ SBA Loans ∙ Equipment Loans ∙ Merger & Acquisition Financing James Murdick SVP, Chief Loan Officer JMurdick@ThomastonSB.com 860-283-3456 the ground, Kirber said. Kirber declined to disclose any investors, but PartsTech has had success raising capital in recent years. In two separate U.S. Securities & Exchange Commission filings since 2018, the company said it raised about $13.5 million. St. Pierre said the company is in "growth mode" but is not currently raising capital. That could change next year, depending on market conditions. Kirber said key to the company's growth has been building an exten- sive auto-parts database. PartsTech recently added tires to the offerings. "We have partnerships with thou- sands of manufacturers from all over the globe who are feeding us information on their products, images, schematics," Kirber said. "We call it our parts catalog; it's a massive database of all the parts that are manufactured within the industry. It allows repair shops to see everything from the quan- tity of the parts to the brands available and the pricing and delivery times." Growth ahead Kirber and St. Pierre said they plan to grow the company with more employees and possibly new locations. Kirber said he hopes to double the number of employees in West Hartford over the next year. Part- sTech's C-suite is spread among offices in Cambridge, West Hartford and Arizona. St. Pierre said the company is not tied to any one physical location, and established a remote leadership model before the concept became popularized during the pandemic. "It's about finding the best talent in the country," he said. "We are remote and have always worked this way and that leadership model is fantastic and works well." In addition to its U.S. footprint, PartsTech is also branching out glob- ally, Kirber said. It has a presence in parts of Europe, as well as Canada and Mexico. "We do have some development overseas and it's growing," Kirber said. "We've got teams that are building some analogous products down in Mexico and we are growing almost organically up in Canada." St. Pierre said the co-founders have no immediate plans to sell the business, even though "we get a lot of interest from outside companies." Dino, the former UConn professor, said he's not surprised that the startup founded by Kirber and St. Pierre has taken off. "They both worked really, really hard and ate Ramen noodles for a long time," Dino said. "It takes a lot of ambition, dedication and a willing- ness to never give up if you want to build a business. It's not just about identifying a market need, but they came up with an innovative solution and executed it in a big, big way." A screenshot of PartsTech's online ordering platform.