Deal Street

African Startup Funding Tracker

$1,129,592,550+

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B2B Auto Dealers Marketplace Shekel Mobility Raises USD 7.2 M Debt & Equity Funding
B2B Auto Dealers Marketplace Shekel Mobility Raises USD 7.2 M Debt & Equity Funding

Shekel Mobility, a B2B auto dealers marketplace, has secured over USD 7 M in funding, comprising USD 3.2 M in equity and over USD 4 M in debt. Ventures Platform co-led its seed round alongside MaC Venture Capital. Other investors include Y Combinator, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Investment Club, Heirloom VC, Pioneer Ventures and other angel investors. Meanwhile, Zedvance, VFD Microfinance Bank, Zenith Bank and Fluna, amongst others, provided the debt component.

The startup helps car dealers find, finance and sell cars in the USD 30 B African used car market. At the heart of the startup’s growth is its flagship product, Shekel Credit, which offers auto dealers immediate access to financing, with credit limits extending up to $200 K for vehicle purchases, typically falling within the $5 K to $20 K range. The financing mechanism involves the dealer contributing 30% of the total cost, amounting to $3 K in the case of a $10 K car purchase.