Fixit45, a prominent player in the automotive technology aftermarket sector, is thrilled to announce the successful completion of its pre-seed funding round, raising a substantial $1.9 million in equity and working capital.
The funding round was led by Launch Africa Ventures, a highly active VC investment firm in Africa, and featured participation from distinguished investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
This injection of capital signifies a momentous step forward as Fixit45 embarks on a journey to expand its presence and impact within Africa’s automotive aftermarket industry. The company plans to allocate these funds strategically, with a strong emphasis on advancing its automotive repair business while simultaneously enhancing its online-to-offline spare parts distribution platform, xparts.africa. Furthermore, Fixit45 is gearing up for market entry into East Africa, particularly targeting Kenya and Uganda.
Pankaj Bohhra, Co-founder & COO of Fixit45, expressed his excitement about the financial backing, stating, “This funding marks a significant milestone for Fixit45. We are deeply grateful to our investors for their trust in our vision and our unwavering commitment to revolutionize the African automotive aftermarket sector. With this capital infusion, we are well-positioned to make strides toward our expansion goals.”
Expanding into Spare Parts Distribution
One of Fixit45’s central objectives in its expansion strategy is to improve the accessibility and availability of high-quality automotive spare parts. The company aims to optimize the supply chain, ensuring that individual consumers and businesses within the automotive sector benefit from streamlined processes.
Entry into the East African Market
Fixit45’s expansion plan extends to East Africa, with a primary focus on penetrating markets in Kenya and Uganda. Given the significant growth in the automotive industry in this region, Fixit45 is poised to establish a robust presence, offering essential auto services and spare parts to meet the evolving demands of local customers.
The participation of Launch Africa Ventures, Soumobroto Ganguly, Dave Delucia, and a diverse group of angel investors underscores their confidence in Fixit45’s business model and its growth potential. These investors not only provide financial support but also bring invaluable expertise and networks that will further drive the company’s expansion efforts.
Janade du Plessis and Zachariah George, Co-Managing Partners at Launch Africa Ventures, expressed their enthusiasm about the partnership, stating, “We are thrilled to collaborate with Fixit45 in transforming the African automotive aftermarket. Fixit45 boasts a formidable team, and its platform offers a seamless experience across the automotive aftermarket value chain. 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.”
Fixit45’s triumphant pre-seed funding round signifies a significant milestone in its journey. Armed with a clear vision and a strategic allocation of resources, Fixit45 is poised to make a profound impact on the automotive aftermarket sector, ultimately benefiting customers not only in Nigeria but also in East Africa and beyond.
The growing demand for quality automotive repair and maintenance services in Nigeria, driven by aging vehicles and challenging road conditions, has spurred Fixit45 to redefine the automotive industry narrative. Founded in 2021, Fixit45 boasts a vast network of over 300 operational workshops across nine Nigerian cities, serving nearly 4,000 clients. The company collaborates with 1,200 spare parts manufacturers, distributors, and retailers, forming partnerships with industry leaders. The African automotive industry, valued at US$ 30.44 billion in 2021, is predicted to reach US$ 42.06 billion by 2027, highlighting the vast potential for growth and impact in this sector.
The automotive aftermarket industry plays a pivotal role in many African economies, contributing to economic growth, road safety improvement, and enhanced quality of life. Reliable mobility is a catalyst for social and economic inclusion, facilitating access to employment, education, and public services. Nigeria, with over 12 million registered vehicles, presents significant opportunities for the automotive aftermarket industry, particularly in providing high-quality repair and maintenance services.