News
Autochek Secures $3.4M Pre-seed Funding to Deliver Technology for African Automotive Industry
Autochek, the automotive technology company that aims to build solutions for the African market, has raised $3.4 million in a pre-seed funding round, co-led by TLcom Capital and 4DX Ventures with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and a number of local angel/seed investors.
The start-up will use the investment to grow its Nigeria and Ghana markets and will see further investment in technology and growing its teams.
The pre-seed investment announced follows Autochek’s acquisition of the Cheki Nigeria and Cheki Ghana brands in September 2020.
Combining technology and data to power every process of the automotive transactional ecosystem for millions of people, Autochek will transform the automotive buying and selling experience for African consumers, by creating a single marketplace for all automotive needs.
This will include everything from sourcing and financing transactions to after sales support and warranties.
Through the acquisition of Cheki Nigeria and Cheki Ghana, Autochek already has more than 20,000 unique vehicles listed on its platform, and more than 12,000 dealers and private sellers, as well as a range of corporate partners and customers.
Leveraging its extensive on-the-ground network of dealers and an experienced leadership team, the new platform and mobile app has been designed to address the pain points of buying, selling and repairing cars in Africa such as access to finance (for both consumers and dealers), maintenance and insurance, and bring greater value to car dealerships by enabling and enhancing automotive commerce across the continent.
Autochek will also facilitate cheaper and more effective transactions for dealers and corporate partners, leveraging its industry relationships to buy and sell vehicles on behalf of the customer for the best price and ensuring value for money.
Via the Autochek mobile app (Android app now available. iOS app coming soon), car owners and potential owners will have access to loans, auctions, trade-ins and maintenance.
Automotive dealers will have access to real time car auctions, fleet management, marketing support and standardised reports on car conditions and market value, as well as inventory management, CRM for lead management and garage management systems for car workshops.
Financial institutions like banks and fintechs will also have access to a credit management dashboard that will make it easier for them to access customers. By focussing on the demands of both customers and dealers, Autochek is building an ecosystem of solutions specifically designed to deliver an unrivalled customer experience for the African automotive market.
Etop Ikpe, Founder and CEO of Autochek, said, “This early stage investment allows us to get started with the work of developing technology products and services that will transform automotive trade on the continent, whereby we significantly improve transactions and after care support for car owners, dealers and other stakeholders across the African automotive industry.
“Building on the solid work that the Cheki Nigeria and Ghana teams have done over the last ten years, we are already dispersed across multiple locations and applying the technology built and developed by our Autochek auto-tech experts, we are well positioned to scale quickly, as demand for reliable and well priced cars on the continent grow. With this pre-seed round and our seasoned strategic investors on board, we are working to transform the automotive sector on the continent”
Andreata Muforo, partner at TLcom said, “Autochek is radically improving customer experience and dealer economics in an industry that creates value and jobs across the continent and we are excited to be part of that journey. The founding team has a clear plan for what they want to achieve and we look forward to working with them as they execute on their vision.”
Walter Baddoo, Managing Partner at 4DX Ventures said, “We are proud to enter this partnership with Autochek as the company embarks on its mission to transform Africa’s automotive industry.
By providing access to a new range of products and services, the company will dramatically enhance the automotive transacting experience for dealers and the ownership experience for consumers across the continent. Autochek is helping to unlock massive opportunities in Africa’s auto sector and we are pleased to be supporting that mission”.
Africa is widely regarded as the final frontier for the global automotive industry, with high growth prospects over the next decade. Despite the impact of COVID-19, car sales are expected to grow across the continent, with a corresponding rise in demand for support services.
However, a range of existing challenges, including limited access to finance and an opaque and fragmented marketplace means car owners and dealers do not always enjoy the best experience.
News
ARCON to Sanction Perpetrators of Misleading Adverts
Advertising Regulatory Council of Nigeria (ARCON) has expressed concern over the proliferation of unethical advertisements on Meta-owned platforms, including Instagram and Facebook.
The regulator criticised individuals and organisations promoting unverified health claims, warning that such practices endanger public health and violate advertising laws.
In a statement signed by Dr. Olalekan Fadolapo, its director-general, ARCON, announced plans to sanction those responsible for these misleading advertisements.
The agency highlighted that many of the claims lack scientific or clinical validation, putting Nigerian consumers at risk.
“Investigations reveal that these products are not certified by relevant regulatory agencies and may be unsafe for use. Advertisers exploit the unregulated nature of online platforms to circulate these unapproved ads,” ARCON stated.
The agency further explained that the ads were neither submitted to nor approved by the Advertising Standards Panel (ASP), a statutory body tasked with ensuring compliance with the Advertising Regulatory Council of Nigeria Act No. 23 of 2022.
The ASP’s role includes vetting advertisements for ethical standards and adherence to Nigerian laws.
Some of the products include, Hookup Kit Runs Girl Package (It brings only rich and wealthy men to you), Nancy Secret Kayamata (Come and lock ur stubborn clients with us), Extreme Control Set (It comes with attention, love, control/command products to make your man grant your heart desires), Nancy Secret Kayamata (Very effective result is guarantee…) and Big Girls Soap (This is a special product for ladies that are expecting rich men & also favour from them and contractors can use it as well).
Dr. Edheba Trado Medical Centre also made two claims (We specialize in all bones dislocations, fractures, all spinal injuries; and Absolute treatment for all cases of high blood pressure)
While five claims were made by Billz Herbal Wellness (Bring all your ‘gbola’ issues to bills … I can help you get rid of that stubborn infection as well; Na ‘gbola’ wey sweet woman de fight for; Make it stronger, longer and last longer in bed; Meet the infection terminator; and Stop scratching and treat infection).
Jinja Herbal Extracts also has five claims (For treatment of infections, diabetes and others; The solution for all kinds of infections; Stabilises blood sugar level; Don’t let this lucrative opportunity pass by; and Boost your health with our super unique Jinja Herbal Extracts).
News
Nigeria’s Education Reform: 16 New Trades Added to Curriculum
As part of efforts to reform the Education sector in Nigeria, the Federal Government has announced the addition of hairstyling, plumbing, GSM repair, makeup and 12 other new trades/new subjects to the basic education curriculum.
The National Orientation Agency (NOA) disclosed this in a statement released. The new trades were added to the Basic Education curriculum to boost students’ practical skills and employability.
The subjects include plumbing; tiling and floor works; POP installation; event decoration and management; bakery and confectioneries; hairstyling; makeup; interior design; GSM repairs and satellite/TV antenna installation.
Others are CCTV and intercom installation and maintenance; solar installation and maintenance; garment making; agriculture and processing (including crop production, beekeeping, horticulture and livestock farming like poultry and rabbit rearing), and basic digital literacy (including IT and robotics).
The statement mentioned that the new subjects will take effect from January 2025 for primary and junior secondary students across the country.
News
Social Impact Champions Call for Business Investment in African Women and Girls
Social impact and industry leaders have called on Global Conglomerates, African Businesses, Philanthropies and Foundations meeting in Davos to support the advancement of social progress for African women and Girls.
Leaders who attended the two events organised by Brands on a Mission (BoaM), Children’s Investment Finance Foundation (CIFF) and Tiko – a non-profit leveraging technology to transform sexual and reproductive health – emphasised the social and economic advantages that can be won through investment in African women and girls.
BoaM Founder and Chief Mission Officer Professor Myriam Sidibe said, “as a woman and a lifelong advocate for sustainable business practices, I have witnessed the transformative power of investing in Africa’s greatest resource: its girls. They are not only the future of our continent but also the untapped potential that can drive unprecedented economic and social change.”
Investment in women and girls, who make up 50 percent of Africa’s population – makes good business sense with African women and girls driving up to 70 percent of consumer spend and acting as key decision-makers for four out of five products purchased in their households. Protecting the interests of women and girls also protects the interests of economic growth on the African continent.
According to the World Health Organisation, poor access to Sexual and Reproductive Health and Rights services and products is to blame for approximately 73 million induced abortions that take place in Africa while over one million sexually transmitted infections (STIs) are acquired every day. Almost one in three women, across their lifetime have been subjected to physical or sexual violence by an intimate partner, or sexual violence by a non-partner and almost half of all abortions are unsafe.
Professor Sidibe said, “in a rapidly evolving global landscape, businesses are increasingly challenged to find meaningful ways to align profit with purpose. Investing in African girls offers a unique opportunity to bridge this gap. By empowering young women through education, skills development, and access to critical resources, we lay the foundation for vibrant markets, resilient communities, and innovative ecosystems.”
The organisers of the two events held at the Goals House and SDG (Sustainable Development Goals) tent called for a world in which private sector investment in evidence-based, impact-first initiatives in service of African girls and young women is the norm and not the exception.
The World Economic Forum in Davos brings together government, business, and civil society to address key global and regional challenges such as responding to geopolitical shocks, the climate crisis and stimulating growth to improve living standards.
Speakers at the first event held at the Goals House included moderation by Professor Myriam Sidibe, Founder and Chief Mission Officer, Brands on a Mission with speakers including Paul Polman, Business Leader, climate and equalities campaigner; The Honourable Dr. Jumoke Oduwole, Minister of Trade, Investment, and Industry of Nigeria; Nicola Galombik, Executive Director of Yellowwoods; Payal Dalal, Executive VP of Global Programs at the Mastercard Center for Inclusive Growth; and Sophie Hodder, Director and Pillar Lead, Girl Capital Africa at the Children’s Investment Fund Foundation (CIFF).
The second event at the SDG tent included moderation by Professor Myriam Sidibe, Founder and Chief Mission Officer, Brands on a Mission and speakers including Sophie Hodder, Pillar Lead and Director, Girl Capital Africa – Children’s Investment Fund Foundation (CIFF), Ndidi Okonkwo Nwuneli, President/CEO – One Campaign, Hermann Betten, Chief Corporate Affairs & Communications Officer, Flora Food Group and Benoit Renard, Co-founder & CEO – Tiko.
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