Funding

Nigerian auto-tech startup, Autochek, baggs US$13.1mn seed funding round to boost its drive to scale in the region

 Autocheck, a Nigerian auto-tech startup, has secured a US$13.1mn seed funding round to bolster its core auto loan processing platform and deepen its footprint in West Africa.

Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors Golden Palm Investments, Enza Capital, and Lateral Capital, as well as new participants, ASK Capital and Mobility 54 Investment SAS – the venture capital arm of Toyota Tsusho Corporation.

Read also: Egyptian delivery startup Appetito, secures US$2mn funding round

The capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with the Ivory Coast launch.

As part of the investment by Mobility54, Autochek will be leveraging Toyota Tsusho’s vast retail network across 46 African countries to further deepen its expansion. 

“At Autochek, our driving force is to increase financing penetration on the continent; we have been amazed by the market adoption rate and the support from our banking partners in the countries we operate in. We stepped into this space knowing we were tackling one of the most significant challenges for Africa’s automotive sector – the lack of a simplified, digital-first financing process. By combining our expertise and networks, we have been able to make an impact in the automotive sector,” said Etop Ikpe, founder and chief executive officer (CEO) of Autochek.

What You Need To Know About Autochek

The startup launched in September 2020 having acquired automotive marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa and raised a US$3.4 million pre-seed funding round shortly after.

In addition to Ghana, it has expanded to Kenya and Uganda, with the latter two launches having again been accomplished by the acquisition of Cheki properties.

It has now also commenced operations in Ivory Coast, with West Africa a core focus after the startup secured a US$13.1 million seed funding round.

Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana. 

The firm plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after-sales support and warranties.

Read the original article here

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