Nigeria’s Autochek raises $13.1m seed funding spherical for West Africa enlargement
Nigerian auto-tech startup Autochek has raised a US$13.1 million seed funding spherical to bolster its core auto mortgage processing platform and deepen its footprint in West Africa.
Autochek goals to construct digital options that may improve and allow a seamless and protected automotive commerce expertise throughout Africa, beginning with Nigeria and Ghana.
It plans to make use of know-how to rework the automotive shopping for and promoting expertise for African shoppers, by making a single market for shoppers’ automotive wants, from sourcing and financing to after gross sales help and warranties.
The startup launched final September having acquired automotive marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa, and raised a US$3.4 million pre-seed funding spherical shortly after. Along with Ghana, it has expanded to Kenya and Uganda, with the latter two launches having once more been completed by the acquisition of Cheki properties.
It has now additionally commenced operations in Ivory Coast, with West Africa a core focus after the startup secured a US$13.1 million seed funding spherical. Co-led by follow-on traders, TLcom Capital and 4DX Ventures, the spherical additionally included participation from present traders Golden Palm Investments, Enza Capital and Lateral Capital in addition to new members ASK Capital and Mobility 54 Funding SAS – the enterprise capital arm of Toyota Tsusho Company.
The capital shall be deployed to bolster its core auto mortgage processing platform and deepen its footprint in West Africa, beginning with the Ivory Coast launch. As a part of the funding by Mobility54, Autochek shall be leveraging Toyota Tsusho’s huge retail community throughout 46 African nations to additional deepen its enlargement.
“At Autochek, our driving drive is to extend financing penetration on the continent; we’ve got been amazed by the market adoption price and the help from our banking companions within the nations we function in. We stepped into this area figuring out we have been tackling one of the vital important challenges for Africa’s automotive sector – the shortage of a simplified, digital-first financing course of. By combining our experience and networks, we’ve got been in a position to make an affect within the automotive sector,” stated Etop Ikpe, founder and chief govt officer (CEO) of Autochek.
“We’re extraordinarily delighted with the progress we’ve made in a brief period of time. With this funding and the help of our strategic traders, the whole crew at Autochek are devoted to delivering distinctive service for patrons and companions, in addition to deploying our know-how throughout Africa.”
Andreata Muforo, companion at TLcom, stated Autochek had achieved important traction in certainly one of Africa’s key verticals and was making spectacular progress in bringing transparency and effectivity in a fancy and fragmented business.
“The muse of its development has been the sturdy management of its CEO, Etop Ikpe, a repeat founder within the automotive market whose world-class expertise gave us the arrogance to initially put money into Autochek in 2020. We look ahead to the subsequent chapter of Autochek’s development because it continues to unlock the main upside which has remained dormant in Africa’s automotive sector for many years,” she stated.
Walter Baddoo, managing companion at 4DX Ventures, stated Autochek was revolutionising the auto business in Africa by providing the comfort and choice benefit of an auto e-commerce platform along with the added flexibility of financing.
“We’ve got loved working with the crew up to now, and so they have demonstrated the expertise, ambition, and area experience wanted to construct an entire end-to-end automotive possession expertise for patrons. We’re excited to companion with the crew as they pursue the subsequent section of their development,” he stated.