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Venture Capital
latcap.co

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Investments

23

Portfolio Exits

2

Funds

3

About Lateral Capital

Lateral Capital is a mission-driven venture fund investing in and advising early-stage opportunities in Sub-Saharan Africa ("SSA"). The firm invests in technology-enabled businesses that profitably solve significant pain points in key verticals like financial services, energy, education and healthcare.

Lateral Capital Headquarter Location

902 Broadway Suite 1611

New York, New York, 10010,

United States

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Latest Lateral Capital News

Nigerian automotive tech startup secures $13.1-million

Oct 27, 2021

Lagos-based automotive tech startup  Autochek  has secured a whopping $13.1-million in seed funding led by  TLcom Capital  and  4DX Ventures  with participation from existing investors   Golden Palm Investments ,  Enza Capital ,  Lateral Capital . In addition, several new investors namely; SK Capital and  Mobility 54 Investment SAS  contributed to the seed funding round. Autochek has secured $13.1-million in funding According to reports, the funding will be used toward the startup’s expansion plan to reach more West African countries and to ‘boltser’ its core auto loan processing platform. In addition, with the investment support of  Mobility 54 Investment SAS , Autochek will utilise Toyota Tsusho’s retail network present in 46 countries to further its reach to users. Etop Ikpe, Founder and CEO of Autochek comments on the funding secured and the notable growth that the startup is experiencing. “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. 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 are dedicated to delivering exceptional service for customers and partners, as well as deploying our technology across Africa.”  The announcement follows on Autochek announcing their expansion into Kenya (see this story )  Autochek Founded in 2020, the newly launched automotive tech startup aims to create solutions that will enable and enhance commerce within the automotive sector. The tech startup aims to establish solutions that will create easy access to auto loans, maintenance services, warranty solutions and transactional marketplaces. Currently, the tech startup is operational in both West and East Africa but plans to expand its offering. With its innovative residual value algorithm, the tech startup is able to pre-qualify customers for financing and provide loans within 48 hours of application. The tech startup has partnered with 68 financial institutions to build a strong network and provide accessible financial services to its customers. According to reports, the startup has partnered with 70 financial institutions across Africa such as  Access Bank ,  Ecobank ,  UBA ,  Bank of Africa  and  NCBA Bank  for its loan processing solution. The tech startup’s mobile app is available on Android and through its web application with plans to launch on iOS soon. Users are assured that all vehicles undergo a 150-point check inspection process before being listed on its platform.

Lateral Capital Investments

23 Investments

Lateral Capital has made 23 investments. Their latest investment was in Masa Finance as part of their Pre-Seed on May 5, 2022.

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Lateral Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/4/2022

Pre-Seed

Masa Finance

$3.5M

Yes

2

12/24/2021

Seed VC

Rhaeos

$2.2M

Yes

6

10/26/2021

Seed VC - III

Autochek

$13.1M

Yes

13

10/22/2021

Seed VC

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$99M

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10

10/11/2021

Series A

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$99M

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10

Date

5/4/2022

12/24/2021

10/26/2021

10/22/2021

10/11/2021

Round

Pre-Seed

Seed VC

Seed VC - III

Seed VC

Series A

Company

Masa Finance

Rhaeos

Autochek

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Amount

$3.5M

$2.2M

$13.1M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

6

13

10

10

Lateral Capital Portfolio Exits

2 Portfolio Exits

Lateral Capital has 2 portfolio exits. Their latest portfolio exit was Lynk on April 28, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/28/2022

Acquired

1

11/11/2021

IPO

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$99M

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10

Date

4/28/2022

11/11/2021

Exit

Acquired

IPO

Companies

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Valuation

$99M

Acquirer

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Sources

1

10

Lateral Capital Fund History

3 Fund Histories

Lateral Capital has 3 funds, including Lateral Investment Partners I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/28/2020

Lateral Investment Partners I

$20M

5

3/27/2019

Lateral Capital V LP

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10

1/20/2017

Lateral Capital IV LP

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$99M

10

Closing Date

1/28/2020

3/27/2019

1/20/2017

Fund

Lateral Investment Partners I

Lateral Capital V LP

Lateral Capital IV LP

Fund Type

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Status

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Amount

$20M

$99M

Sources

5

10

10

Lateral Capital Team

1 Team Member

Lateral Capital has 1 team member, including current Managing Partner, Rob Eloff.

Name

Work History

Title

Status

Rob Eloff

Managing Partner

Current

Name

Rob Eloff

Work History

Title

Managing Partner

Status

Current

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