Shekel Mobility Accelerates African Auto Revolution with $7M Seed Funding

In a significant stride toward reshaping Africa’s automotive landscape, Nigerian mobility-fintech startup Shekel Mobility has successfully secured $7 million in seed funding.

The funding, consisting of $3.2 million in equity and over $4 million in debt, marks a pivotal moment for Shekel Mobility’s growth initiatives, positioning the company for future funding endeavors.

Ventures Platform and MaC Venture Capital co-led the seed round, with support from Rebel Fund, Unpopular Ventures, and other prominent backers.

Strategic partnerships with institutions like Zedvance, VFD Microfinance Bank, Zenith Bank, and Fluna played a crucial role in contributing to the debt component of the funding.

Benjamen Oladokun, co-founder of Shekel Mobility, emphasized the company’s commitment to reducing the cost of owning car dealerships and providing innovative digital tools and physical infrastructure.

Marlon Nichols, Founder and Managing Partner at MaC Venture Capital, praised Shekel Mobility’s potential to transform Africa’s automotive industry, noting its positive impact on the Nigerian economy and its role in providing affordable automobile access to locals.