Nigerian startup Mecho Autotech, specializing in automotive spare parts and vehicle maintenance services, has secured $2.4 million in a pre-Series A funding round. The investment comes from key players like Global Brain Corp, Ventures Platform, and Uncovered Fund. Mecho Autotech plans to utilize this funding to launch a B2B spare parts distribution platform, in collaboration with local banks, offering up to $13,428 in financing to automotive supply chain participants. The company's aim is to revolutionize Nigeria's $8 billion automotive after-sales market by providing tailored software solutions and addressing the scarcity of high-quality spare parts.
Leveraging partnerships with Asian spare parts manufacturers, Mecho Autotech's online marketplace will enable spare parts vendors and workshop owners to access affordable, high-quality spare parts. In the near future, they plan to release an application for corporate fleet owners, facilitating workshop discovery, maintenance financing, and vehicle data management. Additionally, an application for spare parts vendors and workshop owners is scheduled for launch in the fourth quarter of this year. This strategic move positions Mecho Autotech to tap into Nigeria's annual spending of $10 billion on imported vehicle spare parts, with support from Global Brain Corp in parts procurement and business development.