Nigerian startup Fixit45 has secured $1.9 million in pre-seed funding. The funding will be used to scale the company's automotive spare parts, vehicle repair, and maintenance services in Nigeria and expand into East Africa, with a focus on Kenya and Uganda.
The funding round received support from Launch Africa Ventures, a prominent VC investment firm, along with investors Soumobroto Ganguly and Dave Delucia and a group of angel investors.
Fixit45 operates in a market with significant potential. Nigeria, with a population of around 200 million, has over 12 million registered vehicles, of which nearly 90% are imported. This represents a motorization rate of just 0.06 vehicles per person. As purchasing new or imported vehicles can be costly, vehicle owners are increasingly turning to upgrading and repairing their existing vehicles. Fixit45 aims to capitalize on this trend by offering high-quality repair and maintenance services.
Established in the same year as its competitor, Mecho Autotech, in 2021, Fixit45 has quickly built a network of over 300 operational workshops across nine Nigerian cities. This extensive network serves nearly 4,000 clients and collaborates with 1,200 spare part dealers. These partnerships position Fixit45 to tap into the growing African automotive industry, which is expected to reach $42.06 billion by 2027. The company is also strengthening its spare parts distribution through its online-to-offline platform, xparts.africa.
Launch Africa Ventures, represented by Co-Managing Partners Janade du Plessis and Zachariah George, expressed confidence in Fixit45's potential, citing the company's commitment to excellence, compliance, and accountability.
Fixit45's successful funding round and expansion plans signal its dedication to transforming the automotive service industry across Africa. With a solid foundation and support from investors, Fixit45 is set to offer reliable and high-quality automotive services while contributing to the growth of the African automotive sector.
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