Autochek Africa, a Nigerian based automotive technology development startup, has raised about $3.4 million in pre-seed funding round.
Autochek builds solutions aimed at enabling and enhancing commerce within the automotive sector. Operational in west and east Africa, they focus on solutions that improve access to auto loans, quality maintenance, after sales services, warranty solutions and transactional market places.
This investment round follows its acquisition of Cheki Ghana and Cheki Nigeria earlier on in September.
To secure the funding, Autochek partnered with 4DX Ventures and TLcom Capital as well as Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and a number of local angel investors.
The investment will be used by the startup to grow its Nigerian and Ghana markets and grow its team too.
Having acquired Cheki Nigeria and Cheki Ghana from ROAM Africa, they already have more than twenty thousand unique vehicle listings and more than twelve thousand private sellers and dealers, partners and customers on the platform.
“This early stage investment allows us to get started with the work of developing technology products and services that will transform automotive trade on the continent, whereby we significantly improve transactions and after care support for car owners, dealers and other stakeholders across the African automotive industry”Etop Ikpe, founder and CEO of Autochek
“Building on the solid work that the Cheki Nigeria and Ghana teams have done over the last ten years, we are already dispersed across multiple locations and applying the technology built and developed by our Autochek auto-tech experts, we are well positioned to scale quickly, as demand for reliable and well-priced cars on the continent grow. With this pre-seed round and our seasoned strategic investors on board, we are working to transform the automotive sector on the continent”. He added.
“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.” Andreata Muforo, a partner at TLcom said.
Walter Baddoo, Managing Partner at 4DX Ventures said, “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”