Barely four months after the company launched in August 2020, Autochek Africa, successfully, secured a $3.4 million pre-seed round co-led by TLcom Capital and 4DX Ventures.
Other venture capital providers involved include Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital, and several local angels and seed investors.
The news comes shortly after the company’s recent acquisition of Cheki, a digital car marketplace in Nigeria and Ghana; and the CEO’s exit from Cars 45 in July, another digital car marketplace company he co-founded until it was taken over by OLX Group.
Etop Ikpe, founder and chief executive officer (CEO) of Autochek says that “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 aftercare support for car owners, dealers and other stakeholders across the African automotive industry,”.
While still being faced with stiff competition by his former enterprise, Cars 45, Mr. Ikpe explains that the new business model will enable better coordination of activities such as sales, vehicle records, and servicing across the African automobile marketplace.