Fixit45 raises $1.9m for East Africa expansion - Nigerian startup secures pre-seed funding

1 min Read September 21, 2023 at 11:13 AM UTC

Highlights

Fixit45, a Nigerian startup that provides automotive spare parts, vehicle repairs, and maintenance services has secured $1.9 million in pre-seed funding,
A mix of equity and working capital, the round was backed by Launch Africa Ventures and saw participation from a diverse group of angel investors.
The startup plans to use the investment to scale its business in Nigeria and expand into East Africa, particularly, Kenya and Uganda.

Our Takeaway

In Nigeria, a country with an approximate population of 200 million, there are more than 12 million registered vehicles—a motorization rate of just 0.06 vehicles per person. Remarkably, nearly 90% of these vehicles are imported. Given the considerable expenses associated with buying new or foreign-made vehicles, vehicle owners are increasingly looking to improve and refurbish their existing vehicles to enhance their mobility assets and trade-in value. In this market, FixIt45 operates by offering repair and maintenance services and competes with Mecho Autotech, which recently secured $2.4 million.

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