In a significant boost for Africa's automotive aftermarket sector, Fixit45, a Nigerian startup specialising in automotive spare parts, vehicle repairs, and maintenance services, has successfully raised $1.9 million in a pre-seed funding round.
The round was led by Launch Africa Ventures, one of Africa's most active venture capital firms, this round also saw participation from other prominent investors Soumobroto Ganguly and David DeLucia.
Founded by Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 has carved a niche in the automotive industry by connecting car owners with a wide network of aftermarket stakeholders. These stakeholders include automobile service providers, specialised technical teams, and spare parts suppliers.
With this new funding, Fixit45's has ambitious plans to expand into East Africa, particularly Kenya and Uganda. In line with the growth of the East African automotive industry, Fixit45's expansion presents a compelling opportunity to establish a robust presence and offer essential auto services and spare parts to meet the growing demands of local customers.
Commenting on the round, Pankaj Bohhra, Co-founder, and Chief Operating Officer at Fixit45, "Our team is thrilled to see such strong support from investors who share our vision of transforming the automotive aftermarket sector in Africa. With this capital infusion, we are well-prepared to take the next steps in our expansion journey."
Also, this new funding round will also facilitate the growth of its existing operations in Nigeria. The primary focus in Nigeria will be on enhancing spare parts distribution through its innovative online-to-offline platform.
As Nigeria, with an estimated population of 200 million, boasts over 12 million registered vehicles, Fixit45 plays a vital role in providing high-quality repair and maintenance services. With an impressive network of over 300 operational workshops spread across nine Nigerian cities and collaboration with 1,200 spare part dealers, Fixit45 is poised to tap into the African automotive industry, predicted to reach a $42.06 billion valuation in 2027.
"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,” co-managing partners at Launch Africa Ventures, Janade du Plessis and Zachariah George, said in a statement.
This successful funding round like its purchase of Parkit in 2021 marks one of several pivotal moments for Fixit45 as it positions itself to provide quality automotive spare parts, vehicle repairs, and maintenance services across the African continent, contributing to the growth and accessibility of these essential services.