Fixit45, a leading player in the automotive technology aftermarket sector, proudly has successfully concluded its pre-seed funding round, securing a substantial $1.9 million in equity and working capital.
The funding round was spearheaded by Launch Africa Ventures and featured participation from foremost investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
This infusion of capital marks a significant milestone as Fixit45 sets out to expand its footprint and influence within Africa’s automotive aftermarket industry.
The company said funds would be targeted at strategic expansion plans, with a particular focus on its automotive repair business, while concurrently intensifying efforts in spare parts distribution via its online-to-offline platform, xparts.africa.
Also, Fixit45 is gearing up for market entry into East Africa, notably targeting Kenya and Uganda.
Co-founder & COO of Fixit45, Pankaj Bohhra, expressed his excitement regarding the financial support, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”
Co-managing partners at Launch Africa Ventures, Janade du Plessis and Zachariah George said the partnership would transform Africa’s automotive sector.