Nigerian automotive technology company Autochek which reports the history of used vehicles, has raised a US$3.4 million pre-seed funding round to help it expand its operations in Nigeria and Ghana and develop its platform.
The pre-seed funding round is co-led by TLcom Capital and 4DX Ventures, with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and a number of local angel and seed investors.
Etop Ikpe, founder and chief executive officer (CEO) of Autochek said “This early stage investment allows the company 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.”
Through the acquisition of Cheki Nigeria and Cheki Ghana, Autochek already has more than 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers, as well as a range of corporate partners and customers.
“Building on the solid work that the Cheki Nigeria and Ghana teams have done over the last 10 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,” Ikpe said.
Andreata Muforo, partner at TLcom, said Autochek was radically improving customer experience and dealer economics in an industry that creates value and jobs across the continent. Autochek is helping to unlock massive opportunities in Africa’s auto sector.