Leading automotive technology aftermarket company Fixit45 from Nigeria has raised US $1.9 million in pre-seed funding to help it grow its presence and influence.
Fixit45, a company established in 2021, works to optimize the automotive spare parts supply chain so that both consumers and companies operating in the automotive industry gain from streamlined procedures.
The startup serves close to 4,000 clients through a network of more than 300 operational workshops spread across nine Nigerian cities. Additionally, Fixit45 partners with 1,200 retailers, distributors, and manufacturers of spare parts, including market leaders Toyota, Nissan, Honda, Hyundai, Ford, Jeep, Mitsubishi, Mikano, GAC Motors, and numerous others.
Launch Africa Ventures led the US $1.9 million pre-seed round, which also included a variety of angel investors and investors like Soumobroto Ganguly and Dave Delucia.
Fixit45 will use the funding to expand its presence and power in Africa’s automotive aftermarket sector. These funds have been set aside by the company for strategic expansion plans, with a particular focus on its automotive repair business, while also stepping up efforts to distribute spare parts via its online-to-offline platform, xparts.africa.
Additionally, Fixit45 is preparing to enter the East African market, with Kenya and Uganda as primary targets.
“This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionising the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives,” said Pankaj Bohhra, co-founder and COO of Fixit45.
Launch Africa Ventures’ co-managing partners Janade du Plessis and Zachariah George expressed their enthusiasm for the collaboration.
“We are thrilled to collaborate with Fixit45 in transforming the African automotive aftermarket. Fixit45 boasts a formidable team, and its platform offers a seamless experience across the automotive aftermarket value chain. We are impressed by their unwavering commitment to excellence, compliance, and accountability. We have every confidence that the company is well-prepared to achieve its ambitious goals,” they said.
