Having backed Autochek’s $3.4 million pre-seed round almost 12 months ago, Africa-focused venture capital investors TLcom Capital and 4DX Ventures are back, leading a group of other returning and new investors investing in the automotive technology startup’s seed round. Between them, the investor group which includes Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital, and Mobility54, are investing $13.1 million in the firm which will use the capital to support the expansion of its operations in West Africa and underpin its core loan processing platform. No additional deal terms have been disclosed.
Autochek was launched in October last year by Etop Ikpe, a founder of Cars45. The business, which is operational in 5 countries – Nigeria, Kenya, Ghana, Uganda, and Cote d’Ivoire – has developed technology that leverages data analytics to provide auto finance to clients across the continent. The company has built in-house digital solutions such as Collateral Management, Dealer Management Systems, and a proprietary CRM system to manage stakeholder operations such as vehicle financing, inspection, valuation, and inventory management.
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