Toyota Tsusho Group subsidiary Mobility 54 has invested in Autocheck – a Nigeria-based automotive startup. The undisclosed seed round was directed to Autocheck’s holding company, Vee8 International Holdings, Inc. Other investors in the round were 4DX Ventures and TLCom Capital. The investment will go towards boosting the startups’ online presence and reinforce its service offering as it expands across Africa.
Autocheck is an online marketplace for used/new cars. The company was founded in July 2020 by Etop Ikpe. Autochek is working to build digital infrastructure for selling both new and used vehicles in a 3-pillar business format. First, allow individual customers and dealers to buy and sell vehicles online. Secondly, obtain auto-loans from a network of over 70 financial institutions. Finally, to service and maintain vehicles across Autocheck’s lifestyle through its booking appointment system across a network of 70 workshops.
In July 2020, Autocheck acquired Cheki Ghana and Nigeria and now operates in Nigeria and Ghana and is expanding to Kenya and later on to the rest of the continent.
The investment into Autocheck is looks to digitize its presence in the informal used car market and endear it further to new B2C customers in Africa. In addition, Autochek will receive ground technical support to reach the quality standards in customer service. The group also leverages CFAO’s presence across French-speaking Sub-saharan Africa.