Shekel Mobility, a Nigerian B2B mobility startup, has raised $7 million in investment co-led by Ventures Platform and MaC Ventures. The latest funding comprises $3.2 million in equity and over $4 million in debt. Fellow equity investors included Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures, and more.
Co-founded by Sanmi Olukanmi and Benjamen Oladokun, Shekel is a neobank, trading, finance and operations platform for auto dealers that offers financing and management system software for auto dealerships.
The new funding is set to go toward the enhancement of Shekel Mobility’s financial services, expansion into more markets, and sustain its impressive growth trajectory.
To date, Shekel Mobility has “powered transactions worth over $50M,” the press release discloses. Additionally, the mobility fintech company has helped 1,300 auto dealers “to grow their inventories and triple their sales” with the help of Shekel Credit, which is said to provide access to up to $200,000 in instant credit for car purchases with no collateral.
Marlon Nichols, MaC Venture Capital Founder and Managing Partner said: “Shekel Mobility has the potential to transform and ignite the automotive industry in Africa. The motivated executive team saw the opportunity in several African markets and created Shekel Mobility to finance and empower the automotive industry as well as uphold small businesses that require financing to survive. The team is enabling millions of dollars to move through the Nigerian economy and simultaneously providing locals with affordable automobiles.”
Kola Aina, the founding partner at Ventures Platform, noted that Shekel is building a crucial market-creating innovation that is important to expanding Nigeria and soon Africa’s automotive industry. In the same vein, Marlon Nichols, founder and managing partner at MaC Venture Capital, speaking on the round, said Shekel Mobility has the potential to transform and ignite the automotive industry in Africa as it finances and empowers small businesses that require financing to survive. “The team is enabling millions of dollars to move through the Nigerian economy and simultaneously providing locals with affordable automobiles,” he noted.