Autotech startup, Fixit45, has raised $1.9 million in equity and working capital targeted at expanding its operations to East Africa.
The pre-seed round was spearheaded by Launch Africa Ventures, Africa’s most active VC firm, along with prominent investors Soumobroto Ganguly and David DeLucia.
An array of angel investors also joined the round, underscoring their confidence in Fixit45’s vision and potential.
Founded by Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 enables car owners to connect and interact with multiple aftermarket stakeholders, including a vast network of automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.
Fixit45’s funding announcement is coming barely a week after another Nigerian Autotech startup, Mecho Autotech, sealed a $2.4 million deal in the pre-Series A round.
This shows investors’ growing interest in this not-so-popular segment of the Nigerian startup ecosystem.
Expansion to East Africa
Fixit45, which is currently operating in Nigeria, said with the funding, it would also be venturing into new markets in East Africa, particularly Kenya and Uganda.
According to the company, the funding would also be strategically allocated to drive the growth of its existing business operations in Nigeria by investing in technology and ambitious expansion plans with a primary focus on enhancing spare parts distribution through its O2O platform.
Commenting on the fundraising, Cofounder and co-founder and Chief Operating Officer at Fixit45, Pankaj Bohhra, said:
- “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.
- “Our expansion strategy places significant emphasis on improving accessibility and availability of high-quality automotive spare parts. By streamlining the supply chain and partnering with reputable automotive parts manufacturers, the company aims to cater to the needs of both individual consumers and businesses in the automotive sector more efficiently.
- “Fixit45’s strategic move into East Africa, with a specific focus on markets in Kenya and Uganda, aligns with the region’s burgeoning automotive industry. This presents a compelling opportunity for Fixit45 to establish a robust presence and offer essential auto services and spare parts to meet the growing demands of local customers.”
Bohhra added that the participation of LaunchAfrica, Soumobroto Ganguly, Dave Delucia, and other diverse groups of angel investors signifies the strong faith they have in Fixit45’s business model and its potential for expansion.
According to him, beyond the financial support, the investors bring valuable expertise and networks that can further accelerate the company’s growth efforts.
