Autochek secures $13.1m to boost technology

The automotive technology company in Africa, Autochek , has secured 13.1million dollars in seed funding to boost its technology and deliver efficient services.

Mr Etop Ikpe, Founder, Chief Executive Officer, Autochek, in a statement on Tuesday in Lagos said that the funding was secured in collaboration with Co-led by TLcom Capital, 4DX Ventures and other new and existing global investors.

Ikpe said that the company’s driving force was 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.”

“Autochek has now partnered with 70 banks across the continent, including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.”

“We stepped into this space knowing we are 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 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,” Ikpe said.

Mr Andreata Muforo, Partner at TLcom, said that Autochek has achieved significant traction in one of Africa’s key verticals and was making impressive progress in bringing transparency and efficiency in the complex and fragmented industry.

“We look forward to the next chapter of Autochek’s growth as it continues to unlock the major upside which has remained dormant in Africa’s automotive sector for decades,” Muforo said.

Our correspondent reports that Autochek was launched in October 2020, and operational across West and East Africa five countries – Nigeria, Kenya, Ghana, Uganda and Cote d’Ivoire.