Nigeria-based automotive trading startup, Autochek has raised a pre-seed round of $3.4 million in less than 6 months of its launch. The funding round was co-led by TLcom Capital and 4DX ventures. Golden Palm Investments, Lateral Capital, MSA Capital, and Kepple Africa Ventures also joined in the investment round.
Autochek is a network for consumers and businesses to buy, sell and service cars. Users can also finance cars sales on the platform. To help consumers with financing, the startup’s CEO, Etop Ikpe, said it was launched in partnership with 10 banks in Nigeria and two in Ghana.
Speaking about the development, Ikpe told noted that ‘creating more financing options is both a big opportunity for the startup and consumers.
Autochek plans to use its seed-financing to expand services and geographic scope. The startup will add associated auto-related services, such as insurance and blue book pricing products. It is also eyeing a possible entry into new countries such as Ivory Coast, Senegal, South Africa, Kenya, Egypt and Algeria.