NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Tage Kene-Okafor

African automotive company Autochek has secured a $13.1 million seed round almost a year after raising $3.4 million pre-seed in November 2020.

The company, led by CEO Etop Ikpe, has seen astonishing growth in demand since launching in August last year, not just from a consumer perspective but also from its business and banking partners. And who else to lead the seed round other than pan-African VC firms TLcom Capital and 4DX Ventures — the same investors that had the conviction to lead the startup’s pre-seed round.

Other existing investors, such as Golden Palm Investments, Enza Capital and Lateral Capital, invested as well. First-time investors ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho and CFAO Group, also participated. In total, Autochek has raised $16.5 million in two financing rounds.