In a pre-seed funding round led by Launch Africa Ventures, the Nigerian car startup Fixit45 raised $1.9 million. Investors like Soumobroto Ganguly and Dave Delucia, as well as a wide range of angel investors, took part in this funding, a mix of stock and working capital.
The innovative automobile startup’s goal is to change the aftermarket for cars in Africa, and this capital injection is a big step towards making that happen. The money will be used intelligently to help the company grow its business, fixing cars and improving its online-to-offline tools and parts. Africa. Fixit45 is also getting ready to grow in East Africa, with Kenya and Uganda as its main targets.
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Fixit45 Benefits
Pankaj Bohhra, Chioma Ahueze-Okochukwu, and Goodluck Ikporo started Fixit45. It helps car owners by connecting them with a wide range of automotive repair providers, technical teams, spare part suppliers, and end-users. Fixit45’s co-founder and chief operating officer, Pankaj Bohhra, thanked the investors and emphasized how important this cash is for the company’s growth plans.
“This money is an important step for Fixit45. We are very thankful to our investors for believing in us and our plan to change the African automotive aftermarket sector. “With this infusion of capital, we are in a good position to move towards our expansion goals,” Bohhra said.
Over 12 million cars are registered in Nigeria, and 90% are imported. This means each person owns 0.06 automobiles. When new or foreign cars are expensive, people repair and fix their existing cars to make them more practical and resaleable. Fixit45 capitalises on this market with high-quality repair and maintenance.
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More About Fixit45
Fixit45 has built up a sizable network of more than 300 operational workshops across nine Nigerian cities since its founding in 2021. Some of these places are Lagos, Abuja, Port Harcourt, and Jos, which together serve almost 4,000 customers.
The business partners with 1,200 spare part retailers to access the $30.44 billion African automobile industry, which is expected to grow to $42.06 billion by 2027. The automotive industry boosts African economies, road safety, and quality of life.
Reliable transportation is essential for social and economic equality because it gives people access to jobs, schools, and public services. Fixit45 is also making more of an effort to sell spare parts through its online-to-offline site in Africa.
Co-managing Partners Janade du Plessis and Zachariah George, who run Launch Africa Ventures, said they were confident in Fixit45. They pointed to the startup’s strong team and smooth platform as reasons they wanted to back the company.
“We are excited to work with Fixit45 to change the aftermarket for cars in Africa. Fixit45 has a strong team, and its platform makes the entire car aftermarket value chain easy to use. We are struck by how dedicated they are to excellence, compliance, and being responsible. “We are sure that the company has everything it needs to reach its lofty goals,” the two said.