Mecho Autotech Secures $2.4M Investment to Expand Wholesale Spare Parts Distribution in Nigeria
Nigerian startup Mecho Autotech, specializing in automotive spare parts, vehicle repairs, and maintenance services, has secured $2.4 million in pre-Series A funding. The company's primary focus is connecting vehicle owners with workshops for repairs and maintenance. This new investment will allow Mecho Autotech to expand into wholesale spare parts distribution, addressing the challenges of sourcing quality replacement parts. With Nigeria's automotive aftermarket spare parts and maintenance industry estimated at $8 billion, this move aims to streamline the supply chain and cater to the growing demand for affordable and reliable spare parts.
Key Points:
- Mecho Autotech has raised $2.4 million in pre-Series A funding to expand its operations.
- The company connects vehicle owners with workshops for repairs and maintenance services.
- Nigeria's automotive aftermarket spare parts and maintenance industry is valued at $8 billion.
- The majority of vehicles in Nigeria are imported and pre-owned, creating a demand for quality spare parts.
- Mecho Autotech aims to address the challenges of sourcing quality replacement parts in a fragmented market.
- The startup will act as an importer, supplying spare parts inventory to over 150 parts vendors.
- An app will be developed to facilitate inventory finance and streamline the supply chain.
- The company is in talks with banks to increase its line of credit for financing.
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