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Fixit45 raises undisclosed funds as startup acquires Parkit amid rising M&As in Nigeria



Fixit45 raises undisclosed funds as startup acquires Parkit amid rising M&As in Nigeria

Fixit45 has acquired Parkit, an automotive consumable products manufacturer, at an undisclosed amount following its exit from Cars45, as the firm looked to raise funds for its growth amid Merger & Acquisition (M&As) hike in Nigeria’s startup space.

The startup, co-founded by Justus Obaoye and Abdulazeez Ogunjobi, competes in the digital auto industry, offering its infrastructure for auto repair, maintenance services, fleet management and auto parts sourcing.

According to Obaoye, Fixit45 was in discussion with some investors for an investment round, although he confirmed that it had already secured funds from unnamed venture capitals.

“As soon as we make the current round (fundraising stage), we would definitely make the announcement.” Obaoye said.

While he didn’t give the cost of acquiring Parkit, which started as a vendor to the firm, Obaoye stated that, “Parkit was committed to building out and digitizing the fragmented vertical in the autocare and car wash space.

“We found synergies in what they were doing at the time and we approached them to join us in this journey to fix and build the aftermarket ecosystem which has culminated in the acquisition.”

The acquisition occured after Fixit45 separated from Cars45, which was also acquired by Jiji in June this year, at an undisclosed fee.

Read also: Why Nigerians are reluctant to adopt eNaira as payment option, says FixIt45 founder, Ogunjobi

Fixit45 also absorbed Xparts, another auto industry platform for spare parts, as the startup joined the merger and acquisition race in Nigeria, which saw Piggyvest acquire Abeg.

Flutterwave had also acquired Disha in the second week of November, Treepz acquired Ugabus seven days ago, retail-tech startup Alerzo also acquired Shago Payments in October.

The increase in M&As occured as volume of capital invested in Nigeria’s startup ecosystem increased by 103 percent in Q3 2021, settling at N102.77 billion, against N50.31 billion of Q2 same year.

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