Autochek Buys Egyptian Venture Capital Backed AutoTager
Around ten months after entering the North African market via the purchase of Morocco’s KIFAL Auto, mobility company Autochek has purchased a majority stake in AutoTager, an Egyptian Innovation firm specializing in automotive technology that streamlines the process of finding and purchasing vehicles.
The goal of this action is to increase Innovative Autochek’s foothold in that region of Africa. In a statement, Autochek Group CFO and co-founder Olajide Adamolekun said,
“There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come,”
AutoTager, founded in 2021 by Amr Rezk, is a venture capital-backed firm streamlining the car-buying and -selling processes in Egypt by linking dealers with serious buyers and technological solutions to enhance their businesses.
Amr co-created Fundseer, a prominent private equity GP/LP coordination platform, and has a history of managing and investing in Africa and the Middle East before he founded AutoTager. He has directed the Private Equity and Venture Capital Funds Investments Team at the Qatar Investment Authority and has worked for Goldman Sachs and EFG-Hermes. He studied economics in college and went on to earn an MBA from Harvard.
Amr’s skill and knowledge seem to be a major driving force behind this acquisition. Adamolekun claims,
“Amr’s background and track record is as impressive as it gets and I am delighted to have him on board. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem.”
“We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space,” Amr said. He added that “Autochek’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition.”
While the purchase of AutoTager officially marks Autochek’s entry into the Egyptian market, the company’s voyage into North Africa actually began a year ago, when it purchased KIFAL Auto of Morocco.
Chief Executive Officer (CEO) of KIFAL Auto explained With over 180,000 annual new car sales and over 560,000 annual used car sales, Morocco is one of the most developed automotive markets in Africa and serves as a gateway to the rest of North Africa.
With this recent purchase, the firm will be able to increase its presence across Africa. Amr Rezk, CEO and Founder of AutoTager, says,
“We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high quality top decile returns,”
Since its founding in 2020, Autochek has made seven acquisitions, including Cheki Nigeria, Cheki Ghana, Cheki Kenya, Cheki Uganda, CoinAfrique, and KIFAL Auto.
Powered by a network of more than 2,000 dealers and workshop facilities, the company presently operates in nine countries throughout East, West, and North Africa. According to BD Funding Tracker, Autochek has raised at least $16.5 million in venture capital since company first began operations.