In a series of moves aimed at positioning itself as a local and virtual premier car dealership with transactions amounting to $10 billion annually by 2025, Shekel Mobility has raised $7 million in a seed round comprising $3.2 million in equity and over $4 million in debt.
The YC-backed Nigerian mobility-fintech startup with a mission to build the largest auto dealership ecosystem to help car dealers find, finance and sell cars on the African market said the fund would be deployed to drive growth in its Annual Recurring Revenue (ARR) as it gears up for its next priced round.
Shekel Mobility Co-founder, Benjamen Oladokun explained that the company is working on helping dealers buy cars without collateral, explaining that it started out lending to dealers looking to provide additional digital tools and physical infrastructure to reduce the cost of owning car dealerships.
The auto dealer marketplace said it has powered transactions worth over $56 million and facilitated the growth of over 1,400 auto dealers by augmenting their inventories and sales across 7,000 cars.
The company had in January this year announced a $1.95 million pre-seed investment led by Ventures Platform, Y Combinator, Voltron Capital and Zedcrest while the seed round was co-led by Ventures Platform and MaC Venture Capital.
Y Combinator, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures, and other investors also participated.
Sheke Mobility among other mobility startups like Autochek and Moove, addresses vehicle ownership by serving consumers and drivers through financing.
The company said it is set to introduce more offerings.
