Nigeria's Mecho Autotech closes $2.4m pre-Series A
Mecho Autotech, a startup offering automotive spare parts, vehicle repairs, and maintenance services, has raised a $2.4 million pre-Series A round.
The firm targets the Nigerian market, where 90% of the country’s more than 12 million registered cars (mainly used) require regular maintenance to avoid recurring breakdowns.
With the latest funding, the startup plans to double down on the wholesale distribution of its after-sales spare parts value chain with its current pre-Series A investment.
Points clés à retenir
Since its inception in 2021, Mecho Autotech claims to have helped more than 6,000 cars from B2B and B2C clients undergo repairs and maintenance from over 110 approved workshops (three of which it owns). Expanding into the spare parts segment is driven by the fact that it accounts for 80% of the estimated $8 billion automotive market, with Nigerian vehicle owners paying an average of $650 annually. More so, with over 12 million registered vehicles, of which 90% are imported and pre-owned, the automotive after-sales industry in Nigeria is highly fragmented and informal. This results in a disjointed aftermarket spare parts supply chain and presents an opportunity for the startup.
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