15. May
- by Natasha

Nigeria’s Cars45.com raise $5M

Nigerian based digital platform Cars45.com caters to used cars for its network of buyers. This platform allows used car sellers…

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Nigeria’s Cars45.com raise $5M

Nigerian based digital platform Cars45.com caters to used cars for its network of buyers. This platform allows used car sellers to obtain a free online quote, creates a first-time service history at an inspection center, then makes an offer. If accepted, Cars45 wires payment to the owner’s bank account within 45 minutes. The company offers the autos it acquires to a private network of buyers for a fee

Cars45.com
Cars45.com

Cars45.com recently raised $5M Series A round from the Frontier Cars Group, a holding company whose backers include Balderton Capital and EchoVC.

Young Nigerian entrepreneur and CEO Etop Ikpe sees the potential for the platform to build out other revenue streams around Nigeria’s used car market, including inspection services, financing, and online auto research akin to Kelly’s Bluebook. The company also has a vision beyond Nigeria. “We believe the opportunities are there to expand into other African cities with high vehicle sales traffic…and to operate similar models in emerging markets,” Ikpe told TechCrunch.

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