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Fixit45, a prominent player in the autotech aftermarket sector, has achieved a significant milestone by successfully raising $1.9 million in in equity and working capital at recent pre-seed funding round. The investment round was spearheaded by Launch Africa Ventures, Africa’s most active VC firm, along with prominent investors Soumobroto Ganguly and David DeLucia. An array of angel investors also joined the round, underscoring their confidence in Fixit45’s vision and potential.
This substantial capital injection marks a pivotal moment for Fixit45 as it aims to extend its influence within the automotive industry. The funding will be strategically allocated to drive the growth of 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 xparts.africa and venturing into new markets in East Africa, particularly Kenya and Uganda.
Pankaj Bohhra, Cofounder and Chief Operating Officer at Fixit45, expressed his excitement about this financial milestone, stating, “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.”
Fixit45’s 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.
Unlocking East African Markets:
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.
Investor Backing Bolsters Growth:
The participation of LaunchAfrica, Soumobroto Ganguly, Dave Delucia, and a diverse group of angel investors signifies the strong faith they have in Fixit45’s business model and its potential for expansion. Beyond financial support, these investors bring valuable expertise and networks that can further accelerate the company’s growth efforts.
In conclusion, Fixit45’s successful pre-seed funding round signifies a significant step forward in the company’s journey. Armed with a clear vision and a well-planned capital allocation strategy, Fixit45 is poised to make substantial strides in the automotive aftermarket sector, ultimately benefiting customers not only in Nigeria and East Africa but also across the continent.
