Autocheck, a Nigerian automotive startup has successfully raised $3.4 million in a pre-seed round led by 4DX Ventures, TLcom Capital, with participation from Lateral Capital, Golden Palm Investments, MSA Capital, Kepple Africa Ventures, and several other angels/seed investors.
The investment will go into the Nigerian and Ghanian markets that are expecting further technology in growing their teams. This pre-seed investment follows the company’s acquisition of Cheki Nigeria and Cheki Ghana brands back in September. This is the latest indication of Autocheck’s aggressive growth strategy.
Etop Ikpe, the founder and CEO of Autocheck derived the early stage investment as a way of developing their technological products and services with the intent of transforming automotive trade across the continent.
By it’s new acquisitions, autocheck now boasts 20,000 vehicles listed on their platform, including 12000 dealers and private sellers. The number includes several corporate customers and partners.
Walter Badoo one of the Managing Partners at 4DX Ventures expressed his pleasure of teaming with Autocheck as it embarls on a transformative African agenda. Despite the impact of Covid19, there is an expected rise of car sales.