Endeavor Nigeria has welcomed auto tech company, Autochek to its global network. Launched in 2020 by serial entrepreneur Etop Ikpe.
With a mission to build strong entrepreneurship ecosystems in high-growth markets including Africa, Latin America, Asia, Europe & North America, Endeavor selects, mentors and accelerates the best high-impact entrepreneurs, supporting them to scale their companies as well as drive economic growth and job creation. Along with Etop Ikpe, Endeavor Nigeria supports 16 entrepreneurs who lead 10 companies including Flutterwave, Carbon, 54gene, Paga, Migo, Daystar Power, HealthPlus, Kobo360 and FilmHouse & FilmOne.
“Autochek is a transformational high-growth company that is providing an auto needs platform that is accelerating the ability of Africans to get better quality vehicles by providing affordable access to car loans, while also derisking the auto lending processes for financial institutions.
“The Autochek solution also helps to preserve the residual value of vehicles through our after-sales network of maintenance services thereby reducing the total cost of vehicle ownership and thus positioning itself as the market’s first fully end-to-end automotive marketplace.
“Etop has been a part of the Endeavor network for over two years and we’re happy to continue to support him and his new venture. As a successful serial tech entrepreneur in Nigeria, Etop has been a dedicated founder and a strong role model for entrepreneurs in Nigeria.”, said Tosin Faniro-Dada, the Managing Director & CEO of Endeavor in Nigeria.
Endeavor Entrepreneur candidates go through a rigorous selection process which culminates in an International Selection Panel (ISP) where candidates are vetted by trusted mentors, drawn from Endeavor’s extensive network of over 4,000 mentors across the world.
As part of the process, Autochek was presented at a Local Selection Panel (LSP) where a panel of Endeavor mentors evaluated the business and its potential to achieve scale. The Panelists at the Local Selection Panel (LSP) unanimously voted for Endeavor’s continued support for Etop’s new venture.
“I am honoured to have Autochek accepted into Endeavor’s global network and I’m grateful for the continuous support over the years. Endeavor is an exceptional organization providing entrepreneurs such as myself with an ecosystem that supports high growth organizations to achieve their potential through a unique network of diversely limitless resources. This is a significant turning point, and I, alongside the Autochek team, look forward to transforming automotive trade on the continent.”, said Etop Ikpe, CEO of Autochek.
Like much of Sub-Saharan Africa, Nigeria is dominated by the used car market. Consumers typically use one of two channels to buy cars: independent (unregulated) small-scale dealers or informal transactions within their personal networks, which in turn causes significant delays with very limited access to car loan options for used cars.
Redesigning the process with its digital platform, consumers in Nigeria & Ghana can now buy cars and access financing via the Autochek app, knowing that every listed car has undergone a 150-point inspection process.
Backed by investors including TLcom Capital & 4DX Ventures, Autochek has surpassed several milestones. To date, the company has processed over 6,000 car loan applications and most recently Autochek announced the launch of its online truck loans marketplace, which involves a collaboration with a fellow Endeavor Entrepreneur’s company, Kobo360.
