MaC Venture Capital and Ventures Platform lead investment in B2B marketplace for auto dealers
Nigeria-based Shekel Mobility, a B2B marketplace for auto dealers in Africa, has raised $7 million in equity and debt funding.
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Nigeria-based Shekel Mobility, a B2B marketplace for auto dealers in Africa, has raised $7 million in equity and debt funding.
The raise, led by MaC Venture Capital and Ventures Platform, was launched in collaboration with Y Combinator and welcomed a diverse group of equity investors, including AVCF 5, Rebel Fund, H12global, Maiora Rebel, Heirloom Fund, Pioneer Fund II, and other angel investors.
The round also brought about a significant increase in the number of debt partners such as VFD Microfinance Bank, Zenith Bank, Fluna, Zedvance, among others, who have since leveraged Shekel Mobility’s platform to finance auto dealerships.
Shekel Mobility empowers auto dealers to find, finance, and trade used cars in the $30 billion African automotive market.
Marlon Nichols, managing partner at MaC Venture Capital, said: “Shekel Mobility has the potential to transform and ignite the automotive industry in Africa. The motivated executive team saw the opportunity in several African markets and created Shekel Mobility to finance and empower the automotive industry as well as uphold small businesses who require financing to survive. The team is enabling millions of dollars to move through the Nigerian economy and simultaneously providing locals with affordable automobiles.”
Across the continent, there is an average annual demand for 2.4 million motor cars and 300,000 commercial vehicles. This domestic demand – which is rising due to the continent-wide increase in disposable income, strong growth of the middle class and rapid urbanisation – is currently being met primarily by imported used vehicles. Even at that, car ownership in Africa is less than 45 cars per 1,000 people, compared to the global rate of 203 per 1000.
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