Nigerian autotech startup, Fixit45, has secured $1.9m in equity and working capital, for its planned expansion to East Africa.
The funding, led by Launch Africa Ventures, had notable participation from investors including Soumobroto Ganguly and Dave Delucia, as well as a diverse group of angel investors.
In a statement released on Wednesday, Fixit45 emphasised that the infusion of capital marked a substantial step as the company aimed to broaden its footprint and influence within Africa’s automotive aftermarket industry.
It stated that the funds had been earmarked for strategic expansion plans, with a particular focus on strengthening its automotive repair business.
The firm also stated that it was intensifying efforts in spare parts distribution via its online-to-offline platform, xparts.africa.
According to Fixit45, it I targeting the East Africa market, with specific attention on Kenya and Uganda.
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, specialised technical teams, spare parts suppliers, and end-consumers.
The co-founder of Fixit45, Pankaj Bohhra, said, “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.”
