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Black Development: Nigerian startup Autochek raises $3.4 million to digitize Africa’s automotive sector

Posted by Abeiku Ebo on

Black Development: Nigerian startup Autochek raises $3.4 million to digitize Africa’s automotive sector

Nigerian startup Autochek is aiming at playing a pioneering role in building a digital infrastructure to coordinate the sales, servicing and vehicle records of the auto market in Africa.
“We’re basically focused on technology solutions to build the rails of [Africa’s] automotive sector to run on. We’re focusing on three foundations of the market: transactions and trading, maintenance, and financing,” Autochek CEO Etop Ikpe told.

It’s different in the type of technology we’re building and that it’s asset-light. I don’t have any inventory. I don’t buy cars. I don’t transact any [physical] cars. I don’t own any inspection locations. I don’t own any dealerships,” he said.

Autochek this month raised a $3.4 million pre-seed round co-led by TLcom Capital and 4DX ventures in a bid to digitize Africa’s automotive sector. It plans to use the fund to expand its operations and geographic scope. 

Autocheck has over 20,000 unique vehicles as well as more than 12,000 dealers and private sellers. Currently, it operates only in Nigeria and Ghana. It is planning to start operations in Ivory Coast, Senegal, South Africa, Kenya, Egypt and Algeria.

“Acquisitions are going to be a core part of our expansion strategy,” said Ikpe. Also, the startup is exploring to add associated auto-related services, such as insurance and blue book pricing products.

 

 


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