Autochek secures $13.1m funding for expansion

Autochek has, yesterday, secured $13.1 million in seed funding to deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.

Autochek is an automotive technology company facilitating auto financing across Africa.

Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included 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).

With the new funding secured just under a year after Autochek’s $3.4 million pre-seed raise, the round was pre-empted by Autochek’s lead investors – TLcom Capital and 4DX Ventures.

Speaking on the next phase of Autochek’s rapid growth following its fundraise, founder and CEO of Autochek, Etop Ikpe, said, as part of Autochek’s growth strategy, the capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.

“Additionally, the company is rapidly expanding its footprint across East Africa, following its recent acquisition of Cheki Kenya and Cheki Uganda, East Africa’s leading online auto marketplace. As part of the investment by Mobility54, Autochek will be leveraging Toyota Tsusho’s vast retail network across 46 African countries to further deepen its expansion,” Ikpe added.

Partner at TLcom, Andreata Muforo, said: “Autochek has achieved significant traction in one of Africa’s key verticals and is making impressive progress in bringing transparency and efficiency in this complex and fragmented industry.”

Managing partner at 4DX Ventures, Walter Baddoo, said: “Autochek is revolutionising the auto industry in Africa by offering the convenience and selection advantage of an auto e-commerce platform together with the added flexibility of financing.”