In an oversubscribed pre-seed round, Shekel Mobility, a fintech startup in the auto dealership ecosystem, raised $1.95 million.
Ventures Platform led the funding round, and Y Combinator, Voltron Capital, Zedcrest, and other strategic investors as well as angel investors participated.
“Auto dealers are the most important people in the value chain for cars. But they have been ignored up until now, and we’re here to change that,” Sanmi Olukanmi, CEO and co-founder of Shekel Mobility, said.
Benjamen Oladokun, CBO and co-founder of Shekel Mobility, said, “Our goal is to make sure that every auto dealer in Africa and other emerging markets has access to the right kind of capital to make the most of the opportunities.” “As of now, we have helped local dealerships grow their businesses by a factor of three, and we can’t wait to see this grow by a factor of ten.”
Shekel Mobility’s main goal is to get auto dealers access to credit and help them move their financial operations to the digital world. They give auto dealers an easy-to-use platform for finance and operations that helps them grow their businesses in a sustainable way.
The mobility startup started doing business in January 2022, and since then, their ecosystem has grown to include over 1,000 dealers and transactions worth more than $19 million. They were chosen for the Y Combinator Winter 2023 Batch because of how popular their business idea is and how well it works.
