Autochek’s pre-seed spherical was co-led by TLcom and 4DX Ventures to speed up product growth for Ghana and Nigeria.
Autochek, the automotive technology firm that goals to construct options for the African market, has raised $3.4 million in a pre-seed funding spherical, co-led by TLcom Capital and 4DX Ventures with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and numerous native angel/seed buyers.
The start-up will use the funding to develop its Nigeria and Ghana markets and can see additional funding in technology and rising its groups.
The pre-seed funding introduced at present follows Autochek’s acquisition of the Cheki Nigeria und Cheki Ghana manufacturers in September 2020. Combining technology and information to energy each means of the automotive transactional ecosystem for hundreds of thousands of individuals, Autochek will rework the automotive shopping for and promoting expertise for African customers, by making a single market for all automotive wants. This will embrace the whole lot from sourcing and financing transactions to after gross sales help and warranties.
Read: Autochek acquires Cheki Nigeria and Ghana from ROAM Africa
Through the acquisition of Cheki Nigeria and Cheki Ghana, Autochek already has greater than 20,000 distinctive automobiles listed on its platform, and greater than 12,000 sellers and personal sellers, in addition to a variety of company companions and prospects.
Leveraging its in depth on-the-ground community of sellers and an skilled management crew, the brand new platform and cellular app has been designed to handle the ache factors of shopping for, promoting and repairing automobiles in Africa resembling entry to finance (for each customers and sellers), upkeep and insurance coverage, and convey better worth to automotive dealerships by enabling and enhancing automotive commerce throughout the continent.
Autochek may also facilitate cheaper and simpler transactions for sellers and company companions, leveraging its industry relationships to purchase and promote automobiles on behalf of the shopper for the perfect value and guaranteeing worth for cash.
Via the Autochek cellular app (Android app now obtainable. iOS app coming quickly), automotive homeowners and potential homeowners could have entry to loans, auctions, trade-ins and upkeep.
Automotive sellers could have entry to actual time automotive auctions, fleet administration, advertising and marketing help and standardised studies on automotive circumstances and market worth, in addition to stock administration, CRM for lead administration and storage administration methods for automotive workshops.
Financial establishments like banks and fintechs may also have entry to a credit score administration dashboard that may make it simpler for them to entry prospects. By focussing on the calls for of each prospects and sellers, Autochek is constructing an ecosystem of options particularly designed to deliver an unrivalled buyer expertise for the African automotive market.
Etop Ikpe, Founder and CEO of Autochek, mentioned, “This early stage funding permits us to get began with the work of creating technology services and products that may rework automotive commerce on the continent, whereby we considerably enhance transactions and after care help for automotive homeowners, sellers and different stakeholders throughout the African automotive industry.
Building on the stable work that the Cheki Nigeria and Ghana groups have accomplished during the last ten years, we are already dispersed throughout a number of areas and making use of the technology constructed and developed by our Autochek auto-tech specialists, we’re nicely positioned to scale shortly, as demand for dependable and nicely priced automobiles on the continent develop. With this pre-seed spherical and our seasoned strategic buyers on board, we’re working to rework the automotive sector on the continent
Andreata Muforo, companion at TLcom mentioned, “Autochek is radically improving customer experience and dealer economics in an industry that creates value and jobs across the continent and we are excited to be part of that journey. The founding team has a clear plan for what they want to achieve and we look forward to working with them as they execute on their vision.”
Walter Baddoo, Managing Partner at 4DX Ventures mentioned, “We are proud to enter this partnership with Autochek as the company embarks on its mission to transform Africa’s automotive industry. By providing access to a new range of products and services, the company will dramatically enhance the automotive transacting experience for dealers and the ownership experience for consumers across the continent. Autochek is helping to unlock massive opportunities in Africa’s auto sector and we are pleased to be supporting that mission”.
Africa is extensively considered the ultimate frontier for the worldwide automotive industry, with excessive progress prospects over the subsequent decade. Despite the influence of COVID-19, automotive gross sales are anticipated to develop throughout the continent, with a corresponding rise in demand for help providers. However, a variety of present challenges, together with restricted entry to finance and an opaque and fragmented market means automotive homeowners and sellers don’t all the time take pleasure in the perfect expertise.
Feature Image – Etop Ikpe, CEO and Founder, Autochek.