Fullbay announces $23 million growth investment from Mainsail Partners

May 24, 2019
The company intends to use the growth capital to invest in product development, customer support, and sales.

Fullbay, a business management software provider for the heavy duty truck (HDT) repair industry, announced that it has received an investment from Mainsail Partners, a San Francisco-based growth equity firm. Fullbay is a web-based platform that allows HDT repair shops to run their companies more efficiently and effectively, optimizing workflows for technicians, simplifying invoicing and inventory, and streamlining reports. The company intends to use the growth capital to invest in product development, customer support, and sales.

“I thought of the idea to start Fullbay before working for a full year in an HDT shop, where I experienced the operational inefficiencies firsthand” said Jacob Findlay, Co-Founder and CEO of Fullbay. “These are complex operations, but I was unable to find a purpose-built SaaS solution serving the market.”

Added Findlay, “We talked to dozens of shop-owners who were buried in paperwork and frustrated by the organizational complexities that kept them from doing what they love – turning wrenches and being able to leave the work behind at the end of each day. Since commercializing Fullbay in 2015, we believe we’ve addressed all of these pain points.”

After identifying the opportunity, Findlay partnered with David Hoover, Co-Founder and CTO.

Now in its fourth year of operation, Fullbay has built out a suite of software features to serve a wide range of needs within an HDT shop. In the shop itself, Fullbay supports technicians and parts managers by estimating service costs, automating inventory, and ordering parts. In the back office, Fullbay provides templatized invoices that integrate directly with QuickBooks, allowing accounting offices to become better organized and more efficient. Fleet operators benefit from Fullbay’s customer portal, which offers an online payment option and keeps historical records of maintenance and repair, designed to address regulatory requirements. Finally, Fullbay serves shop owners by scheduling technicians, tracking efficiencies, and offering comprehensive reporting capabilities, including dozens of convenient pre-configured reports. The software is cloud-based which allows shop owners to cut down on IT overhead and allows Fullbay to make updates without interruption to the business.

“We believe the heavy duty fleet operations and repair market is evolving, rapidly driven by a variety of market forces,” said Vinay Kashyap, partner at Mainsail Partners. “The industry is experiencing a national shortage of technicians coupled with an increase in interstate traffic, and that’s putting stress on HDT repair shops. Fullbay has experienced rapid growth while remaining profitable, which is a testament to the Fullbay team and the product they have built for this market. We are excited to partner with Jacob, David, and the Fullbay team to continue delivering value to shop owners, fleet operators, and parts suppliers.”

In addition to serving the HDT market, Fullbay’s business management software supports the farm, construction, emergency vehicle, and marine repair industries, which experience many of the same pain points as HDT repair shops.

Vinay Kashyap along with Jason Frankel, vice president at Mainsail, will join Jacob Findlay and David Hoover on the company’s board of directors.

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