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 )
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.