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

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.

Source:Nairametrics

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.