Shekel Mobility, a Nigerian mobility-fintech startup, has secured $7m in seed funding to reshape Africa’s automotive landscape.

The funding, comprising $3.2m in equity and over $4m in debt, will play a pivotal role in propelling Shekel Mobility’s growth initiatives and positioning the company for its upcoming funding endeavours, it declared in a statement.

Having previously secured a $1.95m pre-seed investment in January, where Ventures Platform led the initiative with support from Y Combinator, Voltron Capital, and Zedcrest, Shekel Mobility continued to attract high-profile backers.

According to the startup, the recent seed round saw co-leadership from Ventures Platform and MaC Venture Capital, alongside participation from Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures, and several angel investors.

Strategic partners, including Zedvance, VFD Microfinance Bank, Zenith Bank, and Fluna, played a pivotal role in contributing to the debt component of the funding.

Shekel Mobility highlighted that those partnerships underscore its impact in the automotive financing sector, with several institutions utilising its platform to provide financing for auto dealerships.

The co-founder of the firm, Benjamen Oladokun, reiterated the company’s commitment to reducing the cost of owning car dealerships and providing additional digital tools and physical infrastructure.

The founder and Managing Partner at MaC Venture Capital, Marlon Nichols, commended Shekel Mobility’s potential to transform and ignite the automotive industry in Africa.

He said it had enabled millions of dollars to circulate through the Nigerian economy and provided locals with access to affordable automobiles.

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