This archive report was first published on 26 October 2021.
On October 26, 2021, Autochek, the automotive technology company that facilitates auto financing across Africa, secured $13.1mn in seed funding.
The round was co-led by follow-on investors, TLcom Capital and 4DX Ventures, with participation from existing investors Golden Palm Investments, Enza Capital, Lateral Capital, and new participants ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho Corporation/CFAO Group.
Autochek plans to deploy the capital to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d'Ivoire. The company is also 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 leverage Toyota Tsusho's vast retail network across 46 African countries to further deepen its expansion.
Launched in October 2020, Autochek combines technology and data analytics to deepen auto finance penetration across the continent. The company has built in-house digital solutions such as Collateral Management, Dealer Management Systems, and a proprietary CRM system for managing stakeholder operations within the ecosystem.
Since its pre-seed raise in November 2020, the platform has achieved rapid traction across its business, with the number of processed loan applications rising from 10 in November to over 46,000 to date.
Autochek has partnered with 70 banks across the continent, including leading regional players Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank. The startup has also achieved several key milestones, including over 1,000 dealers on the Autochek network actively using the loan processing solution and over 15,000 certified and financeable vehicles on the Autochek marketplace across its markets.
Speaking on the next phase of Autochek's growth, Etop Ikpe, Founder and CEO of Autochek, said,
