As scores of financial technology (Fintech) start-ups in Nigeria continue to rev up their capitalization drive for improved operational presence in Africa’s economies, Fixit45, an Autotech startup, has raised $1.9 million in equity and working capital targeted at expanding its operations to East Africa.
Information on the firm’s funding initiative indicated that the pre-seed round was spearheaded by Launch Africa Ventures, Africa’s most active VC firm, as well as Soumobroto Ganguly and David DeLucia, among others
Fixit45, which was founded by Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, enables car owners to connect with aftermarket stakeholders, including a vast network of automobile service providers, specialized technical teams, spare parts dealers, and end-consumers.
The firm’s pre-seed funding round is coming barely a week after another Nigerian Autotech startup, Mecho Autotech, concluded a $2.4 million deal in the pre-Series A round, demonstration investors’ growing interest in the auto-segment of the Nigerian startup ecosystem.
Currently having a strong presence in Nigeria, Fixit45 disclosed that with the $1.9 million funding, it would also be venturing into new markets in East Africa, particularly Kenya and Uganda.
According to the owners, the funding would also be committed to drive the growth of its existing business operations in Nigeria by investing in technology and expansion plans with a primary focus on enhancing spare parts distribution through its O2O platform.
Commenting on the funding deal, Co-founder and Chief Operating Officer at Fixit45, Pankaj Bohhra, enthused: “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.
He explained that the participation of LaunchAfrica, Soumobroto Ganguly, Dave Delucia, and other angel investors in the round signified the strong confidence they had in Fixit45’s business model and its potential for expansion.
Bohhra added that apart from the financial support for the company, the investors would also bring expertise and networks that will further fast-track the company’s current growth drive.