Nigerian startup Fixit45, a leading player in the automotive technology aftermarket sector, has raised US$1.9 million in pre-seed funding to help it expand its footprint and influence.
Founded in 2021, Fixit45 works to optimise the automotive spare parts supply chain, ensuring that both individual consumers and businesses within the automotive sector benefit from streamlined processes.
The startup boasts a network of more than 300 operational workshops spread across nine Nigerian cities, serving nearly 4,000 clients. Furthermore, Fixit45 collaborates with 1,200 spare parts manufacturers, distributors, and retailers, forming partnerships with industry leaders such as Toyota, Nissan, Honda, Hyundai, Ford, Jeep, Mitsubishi, Mikano, GAC Motors and many other prominent distributors.
Its US$1.9 million pre-seed round was led by Launch Africa Ventures, with participation from investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
Using the funding, Fixit45 will set out to expand its footprint and influence within Africa’s automotive aftermarket industry. The company has earmarked these funds for strategic expansion plans, with a particular focus on its automotive repair business, while concurrently intensifying efforts in spare parts distribution via its online-to-offline platform, xparts.africa.
Additionally, Fixit45 is gearing up for market entry into East Africa, notably targeting Kenya and Uganda.
“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.
Janade du Plessis and Zachariah George, co-managing partners at Launch Africa Ventures, expressed their excitement about the partnership.
“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.
