• Monday, December 04, 2023
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Fixit45 raises $1.9m to expand operations

Fixit45 raises $1.9m to expand operations

Fixit45, an auto-tech company in Nigeria, has raised $1.9 million pre-seed round in equity and working capital to expand its operations to East Africa.

The funding would also be strategically allocated to drive the growth of its existing business operations in Nigeria by investing in technology and ambitious expansion plans with a primary focus on enhancing spare parts distribution through its O2O platform, according to a statement.

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“Our team is thrilled to see such strong support from investors who share our vision of transforming the automotive aftermarket sector in Africa. With this capital infusion, we are well-prepared to take the next steps in our expansion journey,” it said.

It said the expansion strategy places significant emphasis on improving accessibility and availability of high-quality automotive spare parts.

“By streamlining the supply chain and partnering with reputable automotive parts manufacturers, the company aims to cater to the needs of both individual consumers and businesses in the automotive sector more efficiently,” the company added.

“Fixit45’s strategic move into East Africa, with a specific focus on markets in Kenya and Uganda, aligns with the region’s burgeoning automotive industry. This presents a compelling opportunity for Fixit45 to establish a robust presence and offer essential auto services and spare parts to meet the growing demands of local customers.”

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According to Pankaj Bohhra, co-founder and chief operating officer at Fixit45, the participation of LaunchAfrica, Soumobroto Ganguly, Dave Delucia, and other diverse groups of angel investors signifies the strong faith they have in Fixit45’s business model and its potential for expansion.