New Investments
Nigerian Automotive Startup Mecho Autotech Raises $2.4M Pre-Series A for Expansion
Nigerian automotive startup Mecho Autotech has raised $2.4 million in pre-Series A funding to expand into wholesale spare parts distribution.
The round was led by Global Brain Corporation, with participation from Ventures Platform and Uncovered Fund.
Founded in 2021, the company provides a platform that connects vehicle owners with workshops that handle vehicle repairs and maintenance.
Founded in 2021, the company provides a platform that connects vehicle owners with workshops that handle vehicle repairs and maintenance.
Mecho Autotech also offers a marketplace for spare parts, where workshops and vehicle owners can buy and sell spare parts.
The company’s pre-Series A funding will be used to expand its wholesale spare parts distribution business.
The company’s pre-Series A funding will be used to expand its wholesale spare parts distribution business.
Mecho Autotech plans to build a network of warehouses across Nigeria to store spare parts. The company also plans to develop a logistics platform to deliver spare parts to customers quickly and efficiently.
The Nigerian automotive market is expected to grow at a CAGR of 10% over the next five years.
The Nigerian automotive market is expected to grow at a CAGR of 10% over the next five years.
This growth is being driven by factors such as increasing disposable income, growing urbanization, and the rise of the middle class.
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