A few weeks after Autochek announced the acquisition of Cheki Kenya and Cheki Uganda from Ringier One Africa Media (ROAM) for an undisclosed amount, the Nigerian automotive company has now announced they’ve secured $13.1 Million in seed funding.
The round was co-led by follow-on investors, TLcom Capital and 4DX Ventures with participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation / CFAO Group).
The company, led by CEO Etop Ikpe, has seen astonishing growth in demand since launching in August last year, not just from a consumer perspective but also from its business and banking partners. And who else to lead the seed round other than pan-African VC firms TLcom Capital and 4DX Ventures — the same investors that had the conviction to lead the startup’s pre-seed round.
The digital automotive startup which was launched in October 2020 and is operational across East and West Africa in 5 countries – Nigeria, Kenya, Ghana, Uganda, and Cote d’Ivoire; combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. Powered by its residual value algorithm, Autochek has built in-house digital solutions such as Collateral Management, Dealer Management Systems and a proprietary CRM system for managing stakeholder operations within the ecosystem such as vehicle financing, inspection, valuation, and inventory management.
Since its pre-seed raise in November 2020, the platform has achieved rapid traction across its business, most notably in the area of auto-financing where the number of processed loan applications rose from just 10 in November to over 46,000 to date.