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  Fixit45, a Nigerian startup that specializes in automotive spare parts, vehicle repairs, and maintenance services, has successfully raised $1.9 million in a pre-seed funding round. This funding round was spearheaded by Launch Africa Ventures, a highly active venture capital firm in Africa, and attracted participation from notable investors Soumobroto Ganguly and David DeLucia.
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Founded by Chioma Ahueze-Okochukwu, Goodluck Ikporo, and Pankaj Bohhra, Fixit45 has established itself in the automotive industry by connecting car owners with a vast network of aftermarket stakeholders, including automobile service providers, specialized technical teams, and spare parts suppliers. With this fresh infusion of capital, Fixit45 has ambitious plans to expand its operations into East Africa, particularly Kenya and Uganda. This expansion aligns with the growth of the East African automotive industry and presents a compelling opportunity to establish a strong presence, offering essential auto services and spare parts to meet the increasing demands of local customers. Pankaj Bohhra, Co-founder, and Chief Operating Officer at Fixit45, expressed enthusiasm about the round, stating,
“Our team is thrilled to receive such robust support from investors who share our vision of transforming the automotive aftermarket sector in Africa. With this capital injection, we are well-prepared to take the next steps in our expansion journey.”
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Additionally, this new funding round will facilitate the growth of Fixit45’s existing operations in Nigeria, with a primary focus on enhancing spare parts distribution through its innovative online-to-offline platform. Nigeria, boasting an estimated population of 200 million and over 12 million registered vehicles, relies on Fixit45 to provide high-quality repair and maintenance services. The company’s impressive network comprises over 300 operational workshops spanning nine Nigerian cities and collaborations with 1,200 spare part dealers. Fixit45 is poised to tap into the African automotive industry, projected to reach a valuation of $42.06 billion by 2027. Janade du Plessis and Zachariah George, co-managing partners at Launch Africa Ventures, expressed their confidence in Fixit45, saying,
“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.”
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This successful funding round, along with its acquisition of Parkit in 2021, marks another pivotal moment for Fixit45 as it positions itself to provide top-quality automotive spare parts, vehicle repairs, and maintenance services across the African continent, contributing to the growth and accessibility of these essential services. Featured Image Source: Empower Africa
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This article was first published on 26th September 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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