Nigerian mobility fintech startup Shekel Mobility has secured $1.95 million in pre-seed funding to fuel its ambitious goal of becoming the largest auto dealership ecosystem in Africa, aiming to generate $10 billion in revenue by 2025.
The funding round was led by Ventures Platform, with participation from Y Combinator, Voltron Capital, Zedcrest, and other angel investors. This significant investment underscores the confidence of industry experts in Shekel Mobility's transformative potential for the African auto industry.
In the African car dealership market, nearly 82% consists of small and medium-scale dealerships. Many of these dealers struggle with offering affordable prices for used cars due to insufficient financing options. Shekel Mobility addresses this critical gap by providing a comprehensive suite of financial and technological solutions tailored to the specific needs of African auto dealers. The company's platform enables dealers to discover, finance, and sell cars within the African used car market seamlessly.
Since its inception, Shekel Mobility has facilitated transactions exceeding $56 million and has played a pivotal role in the expansion of over 1,400 auto dealerships. With the new funding, Shekel Mobility plans to launch Shekel Business, a product designed to modernize the informal trading operations prevalent in the auto dealership sector.
Shekel Mobility is poised to revolutionize the African auto dealership landscape by providing auto dealers with the financial and technological tools they need to succeed. The company's innovative solutions and commitment to empowering dealers are paving the way for a more robust and sustainable auto industry in Africa.
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