Fixit45, a Nigerian autotech startup, has successfully raised $1.9 million in equity and working capital as part of its ambitious expansion plan into East Africa.
This funding round was led by Launch Africa Ventures and saw significant participation from notable investors, including Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
In a statement released on Wednesday, Fixit45 underscored the significance of this capital injection as it sets its sights on expanding its presence and influence within Africa’s automotive aftermarket industry.
Fixit45 secures vital funding
The funds have been earmarked for strategic expansion initiatives, with a strong emphasis on bolstering its automotive repair business.
The company also highlighted its intensified efforts in the spare parts distribution domain through its online-to-offline platform, xparts.africa.
Fixit45’s primary target market for this expansion is East Africa, with a particular focus on Kenya and Uganda.
Fixit45, co-founded by Chioma Ahueze Okechukwu, Goodluck Ikporo, and Pankaj Bohhra, operates as a platform that facilitates interactions between car owners and various stakeholders in the aftermarket ecosystem.
This extensive network encompasses automobile service providers, specialized technical teams, spare parts suppliers, and end-consumers.
Pankaj Bohhra, one of the co-founders of Fixit45, expressed gratitude to the investors, describing this funding round as a pivotal moment for the company. He stated, “This funding represents a pivotal moment for Fixit45.
We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”