Autochek, a Lagos-based startup which was recently launched by Etop Ikpe the former CEO of Cars45, has just raised the sum of $3.4 million. Business Elites Africa gathered that the seed funding round was led by 4DX Ventures and TLcom Capital.
The funding will facilitate Autochek’s mission to sell and service cars for Africans, albeit online. This is similar to what Etop Ikpe was doing with Cars45, before leaving in September to “build something else”.
“It’s different in the type of technology we’re building and that it’s asset light. I don’t have any inventory. I don’t buy cars. I don’t transact any [physical] cars. I don’t own any inspection locations. I don’t own any dealerships. We’re basically focused on technology solutions to build the rails of [Africa’s] automotive sector to run on. We’re focusing on three foundations of the market: transactions and trading, maintenance, and financing,” Mr Ikpe said as he explained the difference between Cars45 and Autochek.
Note that Autochek launched with the backing of 10 banks in Nigeria and Ghana. Its developers are in Lagos and Nairabi, Kenya. The platform operates with a business model that enables consumers and businesses to buy, sell, service, and finance their cars.