Nigerian Startup Mecho Autotech Secures Funding

Nigerian Startup Mecho Autotech Secures Funding From Ingressive Capital (News Central )

In its bid to improve the quality and reliability of auto care services, Nigerian on-demand auto repair and maintenance platform Mecho Autotech has secured an undisclosed amount of funding from VC firm Ingressive Capital.

The funding also saw participation from Tekedia Capital Investment, and Mono’s CEO Abdul Hassan.

The investment from Ingressive Capital, a Nigeria-based seed-stage investment firm, will help introduce the startup to large organisations and fast-track its growth.

Co-founded by Olusegun Owoade and Ayoola Akinkunmi, Mecho Autotech officially launched in April 2021. Owoade explained that his team had been onboarding and vetting mechanics across Nigeria since 2019 ahead of their official launch.

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Mecho Autotech boasts of over 7,000 verified technicians across 25 states.

“The partnership is of huge benefit to our company’s quest to actively build out a sales pipeline and business development,” said Owoade.

“This is because Ingressive Capital will be providing support and networking opportunities by introducing Mecho to large companies running large fleets. I am happy because this will fast-track the growth of Mecho.”

Mecho has 35 team members and boasts of having the largest network of certified technicians in Nigeria with over 7,000 verified technicians across 25 states.

Since its launch seven months ago, Mecho has brokered strategic partnerships, notably with Shuttlers, Tangerine Life, and DriveMe.

“Mecho is a car technician matching platform that helps car owners maintain and repair [their] vehicles with ease,” Owoade said.

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“We hope to solve the problem and close the gap between car owners and quality repair services and maintenance.”

Earlier in July 2021, Mecho was announced as one of the nine African startups in Y Combinator’s Summer 2021 cohort. The other startups are Amenli (Egypt), Chari (Morocco), Floatpays (South Africa), Freterium (Morocco), Lemonade Finance (Nigeria), Odiggo (Egypt), ShipBlu (Egypt), and Suplias (Nigeria).

Ingressive Capital (IC) is a $10 million venture capital fund targeting pre-seed and seed-stage tech-enabled businesses in Nigeria, Kenya, Ghana and Egypt. And it invests between $200,000 and $400,000 for 10% equity.

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