AUTOCHEK, THE automotive technology company facilitating auto financing across Africa, has secured $13.1 million in seed funding.
Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation/CFAO Group).
With the new funding secured just under a year after Autochek’s $3.4 million pre-seed raise, the round was pre-empted by Autochek’s lead investors – TLcom Capital and 4DX Ventures.
As part of Autochek’s growth strategy, the capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.
Additionally, the company is 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 Mobility 54, Autochek will be leveraging Toyota Tsusho’s vast retail network across 54 African countries to further deepen its expansion.
Launched in October 2020 and operational across East and West Africa in 5 countries – Nigeria, Kenya, Ghana, Uganda and Cote d’Ivoire – Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.
Powered by its residual value algorithm, Autochek 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 such as vehicle financing, inspection, valuation, and inventory management.
Based on its algorithms, Autochek is also able to develop a credit profile on behalf of customers and effectively reduce a loan application process from 40 to 45 days to 48 hours. The Autochek mobile app is currently available on Android and is due to be launched soon on iOS.
A business desk report