Fixit45 expansion drive into East Africa has caused the startup to raise $1.9 million to provide quality automotive spare parts, vehicle repairs and maintenance services across the continent
Fixit45, a Nigerian startup that provides automotive spare parts, vehicle repairs and maintenance services has secured $1.9 million pre-seed funding. The funding is a mix of equity and working capital. FixIt45 will use the investment to scale its business in Nigeria and expand into East Africa, particularly, Kenya and Uganda.
The round was backed by Launch Africa Ventures, a VC investment firm, and featured participation from distinguished investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
Speaking on the fund round, Co-founder & COO of Fixit45, Pankaj Bohhra, said the funding represents a pivotal moment for Fixit45. “With this capital infusion, we are well-positioned to advance towards our expansion objectives,” Bohhra said.
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Per data from the National Bureau of Statistics (NBS), Nigeria, with an estimated population of 200 million, boasts over 12 million registered vehicles, of which almost 90% are imported, representing a motorization rate of just 0.06 vehicles per person. Faced with the high costs of purchasing new or imported vehicles abroad, vehicle owners are poised to upgrade and repair their existing vehicles to enhance their mobility assets and trade-in value. FixIt45 plays in this market by providing high-quality repair and maintenance services.
FixIt45 and its competitor Mecho Autotech were founded in the same year in 2021. However, FixIt45 says it has an impressive network of 300+ operational workshops spread across nine Nigerian cities, including Lagos, Abuja, Port Harcourt, and Jos, serving nearly 4,000 clients. It also leverages on a collaboration with 1,200 spare part dealers to tap into the African automotive industry predicted to reach $42.06 billion in 2027. The automotive startup is also intensifying efforts in spare parts distribution via its online-to-offline platform, xparts.africa.
Co-Managing Partners at Launch Africa Ventures, Janade du Plessis and Zachariah George, said the Fixit45 team and seamless experience were the key factors in the decisions to back them. “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.
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