New Investments
Shekel Mobility Secures $7 Million in Funding to Drive Growth in African Automotive Market
The investment comprises $3.2 million in equity and over $4 million in debt, led by Ventures Platform and MaC Venture Capital.
The funds will be instrumental in quadrupling Shekel Mobility’s current Annual Recurring Revenue (ARR) of slightly over $2 million.
The startup plans to leverage this financial infusion to strengthen its market position and seize opportunities in the rapidly evolving African automotive market.
In its 20 months of operation, Shekel Mobility has demonstrated substantial traction, facilitating over $56 million in auto dealer transactions and supporting the growth of more than 1,400 dealers across 7,000 cars.
This proven track record showcases the effectiveness of Shekel Mobility’s platform in driving real-world transactions within the African used car market.
Founded by Benjamen Oladokun and Sanmi Olukanmi, Shekel Mobility is driven by the vision of becoming the premier platform for launching and growing car dealerships in Africa.
With a target of reaching transactions amounting to $10 billion annually by 2025, Shekel Mobility is poised to play a transformative role in shaping the future of the African automotive landscape.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Johnvents Group Secures $40.5 Million Investment from BII to Boost Cocoa Processing in Nigeria
Johnvents Group, a prominent Nigerian agribusiness and manufacturing conglomerate, has received a $40.5 million investment from British International Investment (BII), the UK’s development finance institution and impact investor.
Egypt-Based Investment App Thndr Raises $15.7 Million to Expand in MENA
Thndr, a digital investment startup based in Cairo, has secured $15.7 million in its latest funding round.
Japan Pledges $1.5 Billion in Impact Investments for Africa at TICAD 9 Summit
In a keynote delivered at the Tokyo International Conference on African Development (TICAD 9), Japan unveiled plans to mobilize $1.5 billion in impact investments to support African nations’ transition to sustainable development and reduced carbon emissions.