{"id":1085,"date":"2021-10-28T14:14:05","date_gmt":"2021-10-28T13:14:05","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=1085"},"modified":"2021-10-28T14:14:10","modified_gmt":"2021-10-28T13:14:10","slug":"autochek-secures-13-1-million-scale-technology-accelerate-expansion","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/10\/28\/autochek-secures-13-1-million-scale-technology-accelerate-expansion\/","title":{"rendered":"Africa\u2019s Leading Autotech Company Autochek Secures $13.1 Million Seed Funding to Scale its Technology &#038; Accelerate Expansion"},"content":{"rendered":"\n<p>Autochek, the automotive technology company facilitating auto financing across Africa, has secured $13.1 million in seed funding.\u00a0<\/p>\n\n\n\n<p>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 like ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation\/CFAO Group).&nbsp;<\/p>\n\n\n\n<p>With the new funding secured just under a year after <a href=\"https:\/\/autochek.africa\/ng\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Autochek<\/a>&#8216;s $3.4 million pre-seed raise, the round was preempted by Autochek&#8217;s lead investors &#8211; TLcom Capital and 4DX Ventures.\u00a0<\/p>\n\n\n\n<p>As part of Autochek\u2019s 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\u2019Ivoire.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"880\" height=\"704\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek_fix_003.jpg\" alt=\"\" class=\"wp-image-1089 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek_fix_003.jpg 880w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek_fix_003-300x240.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek_fix_003-768x614.jpg 768w\" data-sizes=\"(max-width: 880px) 100vw, 880px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 880px; --smush-placeholder-aspect-ratio: 880\/704;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Africa-wide expansion<\/strong><\/h2>\n\n\n\n<p>Additionally, the company is rapidly expanding its footprint across East Africa, following its recent acquisition of Cheki Kenya and Cheki Uganda, East Africa\u2019s leading online auto marketplace. As part of the investment by Mobility54, Autochek will be leveraging Toyota Tsusho\u2019s vast retail network across 46 African countries to further deepen its expansion.&nbsp;<\/p>\n\n\n\n<p>Speaking on the next phase of Autochek\u2019s rapid growth following its fundraise, Etop Ikpe, Founder and CEO of Autochek, said, \u201c<em>We stepped into this space knowing we were tackling one of the most significant challenges for Africa\u2019s automotive sector &#8211; the lack of a simplified, digital-first financing process.\u201d <\/em>By combining Autochek\u2019s expertise and networks, Etop Ikpe says,<em> \u201cwe have been able to make an impact in the automotive sector.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p>Having accomplished a lot in a short space of time, Etop says, <em>\u201cWith 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.\u201d<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"655\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Etop-Ikpe-Autochek-CEO-1024x655.jpg\" alt=\"\" class=\"wp-image-1088 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Etop-Ikpe-Autochek-CEO-1024x655.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Etop-Ikpe-Autochek-CEO-300x192.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Etop-Ikpe-Autochek-CEO-768x491.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Etop-Ikpe-Autochek-CEO.jpg 1080w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/655;\" \/><figcaption> <br>Autochek CEO, Etop Ikpe<\/figcaption><\/figure>\n\n\n\n<p>Launched in October 2020 and operational across East and West Africa in 5 countries &#8211; Nigeria, Kenya, Ghana, Uganda, and Cote d\u2019Ivoire, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.\u00a0<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/10\/21\/nigerian-fintech-brass-secures-1-7-million-bet-african-smes\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Nigerian Fintech, Brass, Secures $1.7 Million Financing Round \u201cto Bet on African SMEs\u201d (opens in a new tab)\">Nigerian Fintech, Brass, Secures $1.7 Million Financing Round \u201cto Bet on African SMEs\u201d<\/a><\/h5>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Autochek\u2019s rapid growth<\/strong><\/h2>\n\n\n\n<p>Since its <a href=\"https:\/\/techcrunch.com\/2020\/11\/18\/nigerias-autochek-raises-3-4m-for-car-sales-and-service-platform\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">pre-seed raise in November 2020<\/a>, the platform has achieved rapid traction across its business, most notably in the area of auto-financing where the number of processed loan applications rose from just 10 in November to over 46,000 to date.<\/p>\n\n\n\n<p>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.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"684\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-1024x684.jpg\" alt=\"Autochek Secures $13.1M to Scale its Technology &amp; Accelerate Expansion\" class=\"wp-image-1087 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-1024x684.jpg 1024w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-300x200.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-768x513.jpg 768w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-1536x1025.jpg 1536w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user-1200x801.jpg 1200w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/10\/Autochek-user.jpg 1772w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/684;\" \/><\/figure>\n\n\n\n<p>The startup has also achieved several key milestones since the start of the year 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.&nbsp;<\/p>\n\n\n\n<p>Over the course of the year, Autochek also launched its truck financing platform and more recently, financing brand new vehicles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Autochek &amp; Africa\u2019s used car industry<\/strong><\/h2>\n\n\n\n<p>Despite being a $45 billion industry, Africa\u2019s used car market only has a 5% financing penetration rate, marking a major contrast to the rates of 98% and 99% in Europe and the USA respectively.&nbsp;<\/p>\n\n\n\n<p>Due to a lack of transparency from the automotive sector, there is no way for lenders to understand the present and residual value of vehicles, creating a significant reluctance to issue loans. However, with Autochek\u2019s established links with car dealerships and 150-point inspection and valuation reports, the company can access vital information on the quality and condition of a range of vehicles, providing lenders with the much-needed trust and transparency to make informed decisions.&nbsp;<\/p>\n\n\n\n<p>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 40-45 days to 48 hours.&nbsp;<\/p>\n\n\n\n<p>The Autochek mobile app is currently <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.autochek.buysalefixcars&amp;hl=en&amp;gl=US\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">available on Android<\/a> and is due to be launched soon on iOS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Autochek, the automotive technology company facilitating auto financing across Africa has secured $13.1 million in seed funding.<\/p>\n","protected":false},"author":3,"featured_media":1087,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4],"tags":[222,16,223],"series":[],"ppma_author":[463],"class_list":["post-1085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","category-startup","tag-autochek","tag-investment","tag-seed-funding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Autochek Secures $13.1M to Scale its Technology &amp; 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