# Mecho Autotech

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mecho-autotech

- Industry: Software
- Headquarters: Lagos, Nigeria
- Website: www.mechoautotech.com
- Total disclosed funding: $2.1M
- Latest round: Seed (Feb 9, 2022)
- Investors on record: 7

## About

Mecho Autotech Limited, based in Nigeria, provides an innovative digital platform for automotive service management, connecting workshops, manufacturers, and fleet services to enhance operational efficiency and transparency in the vehicle lifecycle.Founded in 2021 in Lagos, Nigeria, Mecho Autotech Limited specializes in automotive service management solutions. The company was founded by Olusegun Owoade, who also serves as the CEO. Mecho Autotech has completed a total of five deals, with the most recent being on September 14, 2023, where it raised USD 2.4 mn in a PRE-SERIES A funding round from investors including Global Brain, Uncovered Fund, and Ventures Platform. This round has brought the total amount raised by the company to USD 2.4 mn.Mecho Autotech offers a comprehensive digital platform designed to streamline various aspects of automotive service management. Its core product suite connects automobile workshops, vehicle part manufacturers, part merchants, and fleet management services, facilitating efficient workflow and transparency among stakeholders in the vehicle lifecycle. Key functionalities include the ability for users to locate workshops, track repair histories, and manage fleet activity from a single, user-friendly dashboard. Additionally, the platform provides features for sourcing and importing authentic vehicle parts globally through mobile access. Mecho Autotech primarily serves private vehicle owners, enterprises with fleets, spare part vendors, and part manufacturers, focusing on the African market to enhance sales and improve supply chain operations.Mecho Autotech's revenue model is structured around B2B and direct-to-consumer transactions facilitated through its platform. Clients, including enterprises and individual users, utilize credit services provided by Mecho to maintain their vehicles and manage fleet operations effectively. Revenue is generated through transaction fees associated with repairs, maintenance services, and the procurement of vehicle parts. While specific pricing plans for products and services are not disclosed, customers benefit from streamlined access to automotive services and parts, fostering repeat business and loyalty. The company's financial transactions reflect its commitment to enhancing fleet health and operational efficiency, contributing to the overall savings realized by enterprises using the platform.In September 2023, Mecho Autotech secured USD 2.4 mn in PRE-SERIES A funding to support the importation and distribution of its products. The company aims to launch new features for its platform to improve user experience and expand into new markets in Africa by 2024, targeting regions with growing automotive needs. The recent funding will be pivotal in facilitating these developments and enhancing the platform's offerings to better serve its clients.

## Funding rounds

- Seed, Feb 9, 2022, $2.1M — Hoak & Co., V8 Ventures, Ingressive Capital, Cathexis Investment Management, Future Africa, Tekedia Capital, Silver Squid

## Investors

- Hoak & Co. (https://capitalatlas.ai/funds/hoak-co) — Seed
- V8 Ventures (https://capitalatlas.ai/funds/v8-ventures) — Seed
- Ingressive Capital (https://capitalatlas.ai/funds/ingressive-capital) — Seed
- Cathexis Investment Management (https://capitalatlas.ai/funds/cathexis-investment-management) — Seed
- Future Africa — Seed
- Tekedia Capital (https://capitalatlas.ai/funds/tekedia-capital) — Seed
- Silver Squid — Seed