Automotive technology company, Autochek, has raised a $13.1M seed funding to scale its venture.
This was contained in a press release made available to Ripples Nigeria.
According to the automotive company, the raiser was co-led by TLcom Capital and 4DX Ventures.
The round saw the participation of existing investors including Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS.
The new raiser comes on the heels of a $3.4 million pre-seed raise of last year.
The new raiser is expected to see Autochek actualize its growth strategy, as it looks to deploy the fund to bolster its core auto loan processing platform and deepen its footprint in West Africa.
Commenting on the new development, Etop Ikpe, Founder and CEO of Autochek, explained that one of the problems the startup is solving is the lack of a simplified, digital-first financing process for automobile income class.
He said: “At Autochek, our driving force is to increase financing penetration on the continent; we have been amazed by the market adoption rate and the support from our banking partners in the countries we operate in.
“We stepped into this space knowing we were tackling one of the most significant challenges for Africa’s automotive sector – the lack of a simplified, digital-first financing process. By combining our expertise and networks, we have been able to make an impact in the automotive sector.
“We are extremely delighted with the progress we’ve made in a short amount of time. With this funding and the support of our strategic investors, the entire team at Autochek are dedicated to delivering exceptional service for customers and partners, as well as deploying our technology across Africa.”
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