Shekel Mobility Gets $7M Boost to Help African Car Dealers

Shekel Mobility

Shekel Mobility, a company that helps car dealers in Africa, just got a $7 million boost in funding! This means they have more money to grow and help even more dealers.

Now, let’s break it down. Africa needs a lot of cars, like 2.4 million every year! Why? Well, more people there have money to spend, a growing middle class, and cities are getting bigger. But here’s the thing—compared to the whole world, not many people in Africa actually own cars. Only 45 cars for every 1,000 people, while the world average is 203 cars for every 1,000 people.

We’ve talked about startups like Autochek and Moove that help people own cars, but Shekel Mobility is different. They focus on helping the people who sell cars, the dealers. These dealers need money to run their businesses smoothly, and that’s where Shekel Mobility comes in.

Shekel Mobility just got $7 million in funding, with some of it as regular money and some as a loan. The founders, Benjamen Oladokun and Sanmi Olukanmi, plan to use this money to make their business even bigger. They’ve already raised some cash before, and now they want to quadruple their business.

This company, Shekel Mobility, was started by Benjamen and Sanmi, who know a lot about cars and businesses. They want to be the go-to place for starting and growing car dealerships in Africa. Their goal is to be the biggest with transactions worth $10 billion every year by 2025.

The cool thing about Shekel Mobility is their main product called Shekel Credit. It’s like a quick loan for car dealers. They give dealers most of the money they need to buy cars, and the dealer pays them back after selling the car. This way, Shekel Mobility makes sure everything runs smoothly, and they haven’t had any problems with dealers not paying them back.

And guess what? They’re not stopping there. Shekel Mobility is planning to introduce a new tool called Shekel Business. This tool will help dealers do more things online and make their businesses run even better. They want to make it easier and cheaper for people to own car dealerships.

People who gave Shekel Mobility the $7 million think it’s a big deal. They believe Shekel Mobility is doing something important for Africa. Kola Aina, from Ventures Platform, says Shekel is creating something new that will help the car industry in Nigeria and all of Africa.

Marlon Nichols, from MaC Venture Capital, thinks Shekel Mobility can change the car industry by helping small businesses get the money they need to survive and by making cars more affordable for local people.So, there you have it—a big win for Shekel Mobility and a step forward for the car business in Africa!”

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