Connect with us

Transport

Autochek Secures $3.4 Million Pre-Seed Funding

Published

3 years ago

on

Autochek, the automotive technology company that aims to build solutions for the African market, has raised $3.4 million in a pre-seed funding round, co-led by TLcom Capital and 4DX Ventures with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and a number of local angel/seed investors.

The start-up will use the investment to grow its Nigeria and Ghana markets and will see further investment in technology and growing its teams. 

The pre-seed investment announced today follows Autochek’s acquisition of the Cheki Nigeria and Cheki Ghana brands in September 2020.

Combining technology and data to power every process of the automotive transactional ecosystem for millions of people, Autochek will transform the automotive buying and selling experience for African consumers, by creating a single marketplace for all automotive needs. This will include everything from sourcing and financing transactions to after sales support and warranties. 

Through the acquisition of Cheki Nigeria and Cheki Ghana, Autochek already has more than 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers, as well as a range of corporate partners and customers.

Leveraging its extensive on-the-ground network of dealers and an experienced leadership team, the new platform and mobile app has been designed to address the pain points of buying, selling and repairing cars in Africa such as access to finance (for both consumers and dealers), maintenance and insurance, and bring greater value to car dealerships by enabling and enhancing automotive commerce across the continent.

Autochek will also facilitate cheaper and more effective transactions for dealers and corporate partners, leveraging its industry relationships to buy and sell vehicles on behalf of the customer for the best price and ensuring value for money.

Via the Autochek mobile app (Android app now available. iOS app coming soon), car owners and potential owners will have access to loans, auctions, trade-ins and maintenance. Automotive dealers will have access to real time car auctions, fleet management, marketing support and standardised reports on car conditions and market value, as well as inventory management, CRM for lead management and garage management systems for car workshops.

Financial institutions like banks and fintechs will Autochek secures $3.4 million pre-seed funding to deliver technology for African automotive industryalso have access to a credit management dashboard that will make it easier for them to access customers.  By focussing on the demands of both customers and dealers, Autochek is building an ecosystem of solutions specifically designed to deliver an unrivalled customer experience for the African automotive market.

Etop Ikpe, Founder and CEO of Autochek, said, “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 after care support for car owners, dealers and other stakeholders across the African automotive industry.

“Building on the solid work that the Cheki Nigeria and Ghana teams have done over the last ten years, we  are already dispersed across multiple locations and applying the technology built and developed by our Autochek auto-tech experts, we are well positioned to scale quickly, as demand for reliable and well priced cars on the continent grow. With this pre-seed round and our seasoned strategic investors on board, we are working to transform the automotive sector on the continent”

Andreata Muforo, partner at TLcom said, “Autochek is radically improving customer experience and dealer economics in an industry that creates value and jobs across the continent and we are excited to be part of that journey. The founding team has a clear plan for what they want to achieve and we look forward to working with them as they execute on their vision.”

Walter Baddoo, Managing Partner at 4DX Ventures said, “We are proud to enter this partnership with Autochek as the company embarks on its mission to transform Africa’s automotive industry. By providing access to a new range of products and services, the company will dramatically enhance the automotive transacting experience for dealers and the ownership experience for consumers across the continent. Autochek is helping to unlock massive opportunities in Africa’s auto sector and we are pleased to be supporting that mission”.

Africa is widely regarded as the final frontier for the global automotive industry, with high growth prospects over the next decade. Despite the impact of COVID-19, car sales are expected to grow across the continent, with a corresponding rise in demand for support services. However, a range of existing challenges, including limited access to finance and an opaque and fragmented marketplace means car owners and dealers do not always enjoy the best experience.

Related Topics:

Justice Okamgba is journalist at Grassroots.ng

Continue Reading

Transport

Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration

Published

3 days ago

on

April 22, 2024

By

The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’

“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

The CNG tricycle
The CNG buses

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.

“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.

He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.

In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.

The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.

The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.

The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.

The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.

It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.

Continue Reading

Transport

Lagos State Governor, Babajide Sanwo-Olu Unveils First Set of Electric Buses In Lagos

Published

12 months ago

on

May 2, 2023

By

The Governor of Lagos State, Babajide Sanwo-Olu, has announced the first set of electric buses for the state’s mass transit scheme.

Sanwo-Olu announced this on his Instagram page on Sunday, as he shared pictures of the buses.

He partly wrote, “I am excited to announce the first set of electric buses in the Lagos Mass transit master plan as part of our increased effort to modernise every sector of Lagos.

“Thanks to our partnership with #Oando_PLC, Lagosians can expect a cleaner and greener public transportation system.

“With the ability to travel 280 km at full charge, taking into account our unique travel times in Lagos, our electric buses are a game-changer.”

Here are pictures of the electric bus.

Continue Reading

Transport

Federal Executive Council Approve the sum of N453.90bn for Kano Rail Line under construction

Published

1 year ago

on

March 23, 2023

By

The Federal Executive Council has approved the sum of N453.90bn for the procurement of rolling stock, operation and maintenance equipment for the Kano-Maradi standard gauge rail line currently under construction.

The Minister of Transportation, Mu’azu Sambo, disclosed this to State House correspondents on Wednesday, March 22, after this week’s Council meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

The approved sum also includes N510.93m meant for procuring four customised fire service/search and rescue vans in seaports at Port Harcourt, Lagos Port Complex, Tincan Island port and the Marina headquarters of the Nigerian Ports Authority.

The 248km rail line will traverses Kano, other cities such as Kazaure in Bauchi State, Daura and Mashi in Katsina State; Dutse in Jigawa State, the border town of Jibia, before terminating in Niger Republic’s trade and agricultural hub of Maradi.

According to a former Transport Minister, Rotimi Amaechi, the line has 15 stations along its path with a forecasted daily traffic of 9,364 passengers and approximately 3000 metric tons of cargo.

However, the project has been fraught with resistance, especially from lawmakers.

However, on Wednesday, Sambo said: “The memorandum sought council’s consideration and approval for the award of contract for the procurement of rolling stock, operation or maintenance equipment for the Kano-Maradi standard gauge rail line that is currently under construction.

“The contract was awarded to MSSRs Mota-Engil Nigeria Limited, who are the contractors handling this particular project in the sum of $984,722,302.5 inclusive of seven and a half per cent VAT with a completion period of four years.”

Sambo also revealed that the Transport ministry presented another memo on behalf of the Nigerian Ports Authority “for the award of contract for the construction and supply of four customised Fire Service search and rescue vans for extrication of accident victims for Rivers Ports in Port Harcourt, Lagos Port complex, Tincan Island Port and the Marina headquarters of the NPA, all in Lagos.

Continue Reading

Trending