Finance

Nigeria: Tech automotive startup Autochek raises $13mln African expansion fund

Thursday, 28 October 2021 18:30
Nigeria: Tech automotive startup Autochek raises $13mln African expansion fund

(Ecofin Agency) - Nigerian automotive technology startup Autochek has raised $13.1 million in seed funding to strengthen its auto loan processing platform and expand its presence in West Africa.

The fundraising was led by TLcom Capital and 4DX Ventures and saw the participation of ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho Corporation, among others. Mobility 54's investment means that the Nigerian startup will leverage Toyota Tsusho's distribution network in 46 African countries to continue its expansion.

Autochek uses technology to build a single marketplace for consumers' automotive needs by providing solutions that improve access to car loans, maintenance, and after-sales services, warranties, and transactional marketplaces. Under its expansion strategy, Autochek has just launched operations in Côte d'Ivoire and Ghana.

“We are extremely delighted with the progress we’ve made in a short amount of time. With this funding and the support of our strategic investors, the entire team at Autochek is dedicated to delivering exceptional service for customers and partners, as well as deploying our technology across Africa,” said Etop Ikpe, Founder and CEO of Autochek.

As a reminder, the startup raised a $3.4 million pre-seed fund in November 2020. It has a presence in Kenya and Uganda through the acquisition of Cheki, a digital car dealership in both countries. Autochek plans to expand into South Africa and Egypt in the coming months.

Adoni Conrad Quenum (intern)



 
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