A Lagos, Nigeria-based B2B marketplace is further supporting auto dealers in Africa with affordable financing.
Shekel Mobility, co-founded by Sanmi Olukanmi and Benjamen Oladokun, helps auto dealers find, finance, and trade used cars in the $30 billion African automotive market, according to a press release shared with AFROTECH.
What’s more, across the African continent, there is an estimated average demand for 2.4 million motor cars and 300,000 commercial vehicles annually. To work toward filling this void, venture capital firms have joined forces with Olukanmi and Oladokun.
On Nov. 13, Shekel Mobility, which is backed by Y Combinator, announced it had raised $7 million, according to the press release. The funding round was co-led by MaC Venture Capital and Ventures Platform. Fellow equity investors included Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures, and more.
“Shekel Mobility has the potential to transform and ignite the automotive industry in Africa,” MaC Venture Capital Founder and Managing Partner Marlon Nichols shared in a statement. “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.”
The new funding is set to go toward the enhancement of Shekel Mobility’s financial services, expansion into more markets, and “sustain its impressive growth trajectory.”
To date, Shekel Mobility has “powered transactions worth over $50M,” the press release discloses. Additionally, the mobility fintech company has helped 1,300 auto dealers “to grow their inventories and triple their sales” with the help of Shekel Credit, which is said to provide access to up to $200,000 in instant credit for car purchases with no collateral.
As Shekel Mobility continues to reach new milestones, by 2025, it aims “to build the largest auto dealership ecosystem powering $10 billion.”