Shekel Mobility Secures $7 Million in Funding to Drive Growth in African Automotive Market
Shekel Mobility, a B2B auto dealers marketplace catering to the African used car market, has secured $7 million in funding to propel its growth and expansion plans.
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.
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