With a high demand for automotive maintenance and repair services in Nigeria, Mecho Autotech is on a mission to transform the automotive aftermarket sector.
Founded in 2021, the startup initially focused on providing these critical services, but quickly identified a major problem plaguing the industry: a critical shortage of high-quality spare parts. Did.
To address this issue head-on, automotive technology startup Mecho Autotech recently announced that it will build on $2.15 million in seed funding raised in February 2022 to revolutionize the availability of spare parts in Nigeria. Successfully raised $2.4 million in pre-Series A funding.
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With participation from investors including Global Brain Corporation, Ventures Platform, and Uncovered Fund, the newly acquired capital will help Mecho Autotech develop innovations for aftermarket spare parts, which accounts for 80% of the value of Nigeria’s US$8 billion automotive industry. You can launch your own B2B distribution platform. .
By leveraging partnerships with Asian spare parts manufacturers such as Honda, Nissan, Iveco, and Tata, the startup provides easy access for spare parts vendors and workshop owners to quality spare parts such as tires and suspension parts. We are going to build an online market where we can. , brakes and batteries at affordable prices. In addition, the company will work with local banks to provide credit of up to 10 million naira (US$13,000) for inventory financing, working capital, vehicle maintenance and parts procurement.
In summary, Mecho Autotech plans to streamline the entire spare parts procurement process through separate apps for corporate fleet owners, spare parts vendors, and workshop owners. Aiming to solve Nigeria’s perennial spare parts shortage, Mecho Autotech is poised to bring efficiency and reliability to the automotive aftermarket.
