Funding

Nigeria’s auto repair and maintenance startup, Mecho Autotech, secures funding from Ingressive Capital

Mecho Autotech, a Nigerian on-demand auto repair and maintenance platform for individuals and businesses has secured an undisclosed amount of pre-seed investment to maximize its effort to improve the quality and reliability of auto care services.

The round was led by Ingressive Capital with participation from Ventures Platform, Tekedia Capital Investment, and Mono’s CEO Abdul Hassan.

About The Investors

Ingressive Capital (IC) is a $10mn venture capital fund targeting pre-seed and seed-stage tech-enabled businesses in Nigeria, Kenya, Ghana, and Egypt. And it invests between $200k and $400k for 10% equity.

Ingressive has 23 companies in its portfolio, including Paystack which it exited last year. Owoade said having Ingressive as one of its investors “is of huge benefit to our company’s quest to actively build out a sales pipeline and business development”.

Ventures Platform Fund says on its website that it invests early in mission-driven founders that are building capital-efficient platforms that democratize prosperity, plug infrastructural gaps, connect underrepresented communities, create efficiencies, solve for non-consumption, and improve livelihoods. It also exited Paystack last year and has about 40 companies in its portfolio.

Founded by Prof Ndubuisi Ekekwe, Tekedia Capital provides a platform for individuals, institutions, and investment groups to invest at least $10,k in African tech companies.


Lastly, Mono’s CEO Abdul Hassan is a prolific angel investor. He’s one of the prominent Nigerian founders funding other founders. He had recently led the pre-seed round of Aboki Africa; Ingressive also participated in the round.

“Mecho is a car technician matching platform that helps car owners maintain and repair [their] vehicles with ease”, Owoade said. “We hope to solve the problem and close the gap between car owners and quality repair services and maintenance”.

The fresh funding will accelerate the growth of Mecho Autotech, Owoade added. Mecho has 35 team members and boasts of having the largest network of certified technicians in Nigeria with 7,000+ verified technicians across 25 states.

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Under the terms of the agreement with Shuttlers, Mecho would provide the bus-sharing startup with vehicle compliance, safety checks, vehicle repairs, and maintenance financing. Shuttlers would also get access to Mecho’s network of certified technicians across the country.

Through the partnership with Mecho, Tangerine Life is able to offer one month of free car insurance and maintenance. And the partnership with DriveMe — a full-service fleet management solution, Mecho said it’s a perfect milestone in achieving its goals and providing reliable service to clients.

Earlier in July 2021, Mecho was announced as one of the nine African startups in Y Combinator’s Summer 2021 cohort. The other startups are Amenli (Egypt), Chari (Morocco), Floatpays (South Africa), Freterium (Morocco), Lemonade Finance (Nigeria), Odiggo (Egypt), ShipBlu (Egypt), and Suplias (Nigeria).

What You Need To Know About Mecho Autotech

Mecho Autotech was co-founded by Olusegun Owoade and Ayoola Akinkunmi, and it was officially launched in April 2021. Owoade explained that he and his team had been onboarding and vetting mechanics across Nigeria since 2019 ahead of their official launch.

 It can be succinctly described as “a marketplace for auto repair and maintenance” in that it allows anyone to order the repair and maintenance of their vehicles at any time and location.

Since its launch, Mecho has brokered strategic partnerships. Notable among the partnerships are the ones with Shuttlers, Tangerine Life, and DriveMe.

Read the original article here

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