# Automarket Nigeria

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/automarket-nigeria

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Lagos, Nigeria
- Website: www.autochek.africa
- Total disclosed funding: $17M
- Latest round: Seed (Oct 26, 2021)
- Investors on record: 9

## About

Automarket Nigeria Ltd is a dynamic automotive technology company focused on enhancing vehicle commerce through innovative solutions that simplify access to loans, maintenance services, and transactional marketplaces across various African markets.Founded in 2011 and headquartered in Lagos, Nigeria, Automarket Nigeria Ltd operates within the automotive sector, providing technology solutions aimed at facilitating vehicle transactions. The company has raised USD 13.1 mn in Seed funding as of October 2021, with participation from notable investors like TLcom Capital and 4DX Ventures. Automarket Nigeria Ltd has successfully executed 2 deals to date, positioning itself as a significant player in the automotive technology space.Autochek Africa specializes in automotive technology solutions designed to enhance commerce within the automotive sector. The company's core offerings focus on improving access to auto loans, facilitating quality maintenance and after-sales services, providing warranty solutions, and creating transactional marketplaces. These solutions aim to address the challenges faced by individuals and businesses in acquiring vehicles, thereby making the process more accessible and affordable. Autochek operates in several key markets across Africa, including Nigeria, Ghana, Uganda, Kenya, Côte d'Ivoire, Senegal, Morocco, and Egypt, serving a diverse clientele that includes both end consumers seeking personal or commercial vehicles and businesses requiring efficient automotive services. The emphasis on a partner-led retail footprint, consisting of over 500 service centers, reinforces Autochek's commitment to enhancing the customer experience and ensuring optimal service delivery across these regions.Autochek generates revenue through a multifaceted transaction structure that includes B2B and direct-to-consumer models. The company collaborates with various partners to offer its services, which may involve subscription arrangements or partnerships with automotive service providers. For instance, customers seeking auto loans can engage in a seamless transaction process that includes accessing financing options, which Autochek facilitates through its marketplace. The service also includes fees associated with maintenance and warranty solutions, further contributing to revenue streams. Autochek’s flagship offerings are pivotal in driving its business model and financial performance within the rapidly evolving automotive sector in Africa.In October 2021, Automarket Nigeria Ltd raised USD 13.1 mn in Seed funding co-led by TLcom Capital LLP and 4DX Ventures to strengthen its auto loan processing platform and expand its operations in West Africa. The company plans to enhance its product offerings and is likely focusing on launching new services to improve customer experience. Additionally, Automarket Nigeria Ltd aims to enter more markets within West Africa, leveraging recent investments to support these expansions and solidify its presence in the automotive technology sector.

## Funding rounds

- Seed, Oct 26, 2021, $13M — TLcom Capital, ASK Capital Management, Lateral Frontiers, 4DX Ventures, Golden Palm Investments Corporation, Enza Capital Management, Mobility 54 Investment SAS
- Seed, Nov 18, 2020, $3.4M — TLcom Capital, MSA Capital, Lateral Frontiers, 4DX Ventures, Golden Palm Investments Corporation, Kepple Africa Ventures

## Investors

- TLcom Capital (https://capitalatlas.ai/funds/tlcom-capital) — Seed
- MSA Capital (https://capitalatlas.ai/funds/msa-capital) — Seed
- Lateral Frontiers (https://capitalatlas.ai/funds/lateral-frontiers) — Seed
- 4DX Ventures (https://capitalatlas.ai/funds/4dx-ventures) — Seed
- Golden Palm Investments Corporation (https://capitalatlas.ai/funds/golden-palm-investments-corporation) — Seed
- Kepple Africa Ventures (https://capitalatlas.ai/funds/kepple-africa-ventures) — Seed
- ASK Capital Management — Seed
- Enza Capital Management (https://capitalatlas.ai/funds/enza-capital-management) — Seed
- Mobility 54 Investment SAS (https://capitalatlas.ai/funds/mobility-54-investment-sas) — Seed