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Community College Startup Campus Scores $23 Million to Expand Access to Top-Tier Education

campus

Campus, a startup focused on revolutionizing community college education, has announced an additional $23 million in funding.

This Series A extension round was led by Founders Fund, with participation from 8VC. The news comes just over a year after Campus secured $29 million in its initial Series A round.

Campus offers a unique approach to higher education, providing students with access to high-caliber instruction at an affordable price. They achieve this by employing adjunct professors who are currently teaching at prestigious universities like Vanderbilt, Princeton, and NYU.

These professors are compensated competitively, at a rate of $8,000 per course, which is significantly above the national average for adjunct faculty.

“Campus is obsessed with giving everybody access to these amazing professors,” said founder Tade Oyerinde, highlighting their commitment to quality education.

The funding will allow Campus to further develop its innovative learning platform and expand its course offerings. While the majority of students participate online, the company also maintains a physical campus in Sacramento, California. This campus offers hands-on learning experiences in fields like phlebotomy, medical assisting, and cosmetology.

This latest investment demonstrates the confidence that venture capitalists have in Campus’s ability to disrupt the traditional community college model. Their focus on affordability and access to renowned instructors positions them well to address the growing demand for quality higher education.

by Tony O. Lawson

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9 mins read

Sparen: Streamlining Real Estate Transactions with AI

Sparen

Traditional real estate transactions are slow and expensive due to a complex and outdated process.

Sparen, aims to revolutionize the industry by streamlining the process with automation and algorithms, making buying and selling homes faster and cheaper.

In this interview, Sparen’s founder, Paris Dean, delves into the transformative power of its algorithms and outlines a vision for the future where real estate transactions are streamlined, efficient, and accessible globally.

What were the key insights that led you to create Sparen?

I was an asset manager overseeing hundreds of millions of dollars of mostly residential real estate, and a big part of my job was searching for, communicating with, and analyzing information from the various parties required to facilitate transactions such as agents, title companies, insurance companies, inspectors, and contractors.

It was like having to go on a scavenger hunt to find the pieces to a puzzle before you put the puzzle together. At the time my mom was looking to buy a house, and it was twice as complicated: she used Zillow and Redfin to find properties; then she had to talk to lenders to figure out what she could afford to spend because seller’s agents wouldn’t take her seriously without a pre-approval letter; then she had to find a Buyer’s agent to get access to the property, which is a whole other process because not all agents are created equal; and lastly, she had to quickly submit her “highest and best offer” before somebody else beat her to it.

I think she looked at maybe 15 houses and missed out on 12 of them. I got frustrated more times than I can remember because I could not figure out why the whole process was so fragmented and inefficient in 2017 when you could buy a $1M car and have it delivered to your driveway and robots could repair a heart valve. I was looking at the whole process like “Why is it so hard to buy a house?? There’s got to be a better way to do this,” and I couldn’t find one, so I started designing one.

How do Sparen’s algorithms streamline the transaction process?

Real estate transactions are made up of multiple series of processes, each of which requires data to be collected and analyzed. Think of it like baking a cake.

You mix the dry ingredients, then the wet ingredients, then you combine them. The problem with that is that the majority of that data is manually collected and analyzed by people, which means lots of errors. Our algorithms streamline and automate the data collection and analysis for the majority of the steps in real estate transactions, meaning people can get through transactions in a few days compared to weeks and months.

Take underwriting for example. On average, it takes lenders 4-6 weeks and costs about $8-12,000 to underwrite a Buyer whether they’re approved or not, which is then passed down to Buyers. While we don’t lend money, we collect all the same data and analyze it to the same standards in under a minute for less than $2. Less time = more savings.

How do you anticipate Sparen’s platform will impact traditional real estate agents and brokers?

I didn’t build Sparen for agents. I built it to get rid of them because I thought they were the enemy. But after talking to so many of them I realized it wasn’t agents I had a problem with, it was that standard 5 or 6% commission. So rather than dismissing agents entirely, we built an internal marketplace of sorts where buyers and sellers can connect with agents on demand and get help with specific tasks for a flat fee.

For example, if a seller needs help with staging, they can click a button and get connected with an agent who may charge $1,000 for a consultation. So while they’re not making their normal 3%, they’re also not overburdening themselves with every little facet of the transaction, freeing up a significant amount of their time.

Also, that agent may be able to provide that service 2 or 3 times that month. That’s an extra $3,000. In many cases, that would be more than their commission for significantly less work.

What strategic partnerships do you have, and how will they contribute to your growth strategy?

Because real estate is so ubiquitous and is constantly being bought and sold in every sector and industry, there are more applications for Sparen’s technology than any one person can know.

We knew individual buyers and sellers would want to use it, but we’ve gotten attention from a wide variety of Buyers and Sellers, including small flippers who sell 5 properties a year, investment banks, national home builders, the US Government (DoD and HUD), two of the top 5 largest mortgage lenders, and the largest Black-owned Keller Williams brokerage in the country to name a few.

Governor Wes Moore is a fan, and we’ve even been invited to test Sparen’s technology in other countries. Being able to work with and learn from these types of Buyers and Sellers so early on will allow us to 1) build a better product for less money and 2) scale from a few hundred transactions to several thousand transactions in significantly less time.

What are your priorities for your upcoming soft launch, and how do you plan to drive user adoption?

We facilitated more than $100M in transactions with the MVP, so we’re hoping to at least match that with the second launch. By the end of the 12 months after launch – Spring 2025 – we’re expecting to be operational in our target states of Michigan, Maryland/DMV, Florida, and Missouri.

Working with our mentor and advisor network – which includes Dr. George C. Fraser, Michael V. Roberts, MaryAnne Gilmartin, Miller London, Monica Wheat, and members of a D.C.-based networking group named “Hamhock” – and our channel partners will make Sparen available to many more people much faster than we can because their networks and customer bases are significantly larger than ours.

What is your vision for the future of Sparen?

This is a tough one because the more we learn about our technology, the bigger the future becomes. But if I had to choose a number and spin the roulette wheel right now, I’d have to say I want Sparen to be the largest global real estate marketplace.

I want Sparen to be as ubiquitous yet “invisible” as Network Solutions and AWS. Anytime a property is being bought or sold, whether it’s someone in Texas selling their home themselves, an agent selling it in California, or a family buying their home from another family in Nigeria, I want Sparen’s technology powering that transaction.

by Tony O. Lawson

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3 mins read

AI Squared Secures $13.8 Million to Bridge the Gap Between AI and Business Applications

AI Squared, a company empowering organizations to harness the power of AI, today announced a successful $13.8 million Series A funding round.

Ansa Capital led the investment, with participation from existing investors NEA and Ridgeline. This latest round brings AI Squared’s total funding to $20 million since its founding in 2019.

Unlocking the Potential of AI Investments

Despite significant investments in AI, many businesses struggle to translate models into actionable insights. AI Squared tackles this challenge head-on by streamlining the integration of AI into existing workflows. Their platform acts as a bridge, allowing data science teams to seamlessly connect AI models and data sources directly to business applications, regardless of the specific software used.

“Far too many companies aren’t getting enough ROI from AI,” said Benjamin Harvey, Ph.D., founder and CEO of AI Squared. “Our tools directly address this challenge, making it easier for businesses to deploy and leverage the power of AI within their teams.”

Industry Expertise Meets Cutting-Edge Technology

The AI Squared team boasts a deep understanding of the data science landscape. Led by Benjamin Harvey, Ph.D., who brings over a decade of experience working in the National Security Agency and Databricks’ data science team, AI Squared tackles a critical hurdle for businesses – implementation.

Impressive Results and Strategic Growth

AI Squared estimates their platform reduces the time to integrate data and AI into workflows from months to minutes and significantly lowers implementation costs. This translates to a substantial return on investment for businesses.

The company’s impressive results have attracted prominent figures to their board of directors. Allan Jean-Baptiste, co-founder and General Partner at Ansa Capital, emphasizes the vast potential of AI Squared’s solution: “With new AI models emerging constantly, organizations risk falling behind. AI Squared tackles this by simplifying integration and accelerating the time to value for AI investments.”

Looking Forward: Democratizing AI

Beyond its technological advancements, AI Squared is committed to fostering inclusivity in the AI space. As one of the few Black-founded AI companies, they actively support underrepresented communities through initiatives like the AI Squared Innovation Lab, which provides resources for students interested in programming and technology.

With this new funding and a commitment to accessibility, AI Squared is poised to revolutionize AI adoption and empower businesses to unlock the true transformative power of artificial intelligence.

by Tony O. Lawson

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3 mins read

Diagon Raises $5.1 Million to Revolutionize Manufacturing Procurement

Diagon

Diagon is a company that’s redefining the way manufacturers find and purchase equipment. They offer a next-generation procurement platform that streamlines the entire process, providing a consolidated user experience for a faster, more efficient workflow.

They recently announced that they have secured $5.1 million in seed funding in a round led by The Westly Group, with participation from Valia Ventures, Techstars, Foster Ventures, Foxe Capital, Anthemis Group, Ventures Together, and REFASHIOND Ventures: The Industrial Transformation Fund.

Tackling Manufacturing Challenges

Establishing new manufacturing capacity often comes with intricate challenges. Identifying qualified suppliers and managing complex equipment projects are two of the biggest hurdles. Diagon offers a comprehensive solution to address these issues.

The platform provides manufacturers with access to a qualified network of equipment suppliers, system integrators, and service providers. This ensures they can find the right partners for their specific needs. Additionally, Diagon offers a user-friendly toolkit specifically designed to manage complex equipment procurement projects effectively.

Empowering Manufacturers Across the Board

With Diagon’s platform, manufacturers can experience a significant shift in their procurement process. Traditionally, sourcing equipment has been a time-consuming and complex task. Diagon simplifies this by allowing manufacturers to locate and procure equipment with the ease and speed typically associated with larger enterprises.

Furthermore, the platform offers functionalities like milestone tracking, real-time project status updates, and comprehensive project management, empowering manufacturers of all sizes to navigate complex projects efficiently.

Positioned for Growth

Diagon’s leadership team possesses a deep understanding of the manufacturing industry’s needs. Co-founder and CEO, Will Drewery, formerly managed over $700 million in annual capital expenditure (CAPEX) spend at Tesla. This firsthand experience fueled the vision for Diagon’s platform, designed to address the critical shortcomings of traditional procurement tools.

The company’s strategic plan leverages the $640 billion North American manufacturing equipment market. The funding will enable Diagon to make strategic investments in its future.

This includes ongoing platform development, recruiting top talent to propel the company forward, targeting manufacturers in key industries like aerospace, automotive, and battery production, and exploring various equipment financing options to cater to a broader range of customer requirements.

Looking Ahead

Diagon is poised to become a pivotal force in American manufacturing. With its commitment to streamlining procurement and empowering companies to build the factories of the future, Diagon is a game-changer for the industry.

by Tony O. Lawson

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2 mins read

The Folklore Secures $3.4 Million to Scale B2B Platform for Diverse Brands

The Folklore

Fashion tech startup The Folklore, founded by Amira Rasool, has secured $3.4 million in seed funding. The fresh capital brings their total funding to $6.2 million.

The new funding round was led by venture capital firm Benchstrength and included participation from Techstars, Black Tech Nation Ventures, and Slauson and Co.

The funds will be used to further develop their B2B platform and empower more diverse and marginalized brands in the fashion industry.

Their B2B offerings include The Folklore Connect, an online wholesale management platform that equips brands with user-friendly sales technology and increased discoverability through a network of global retailers.

One new service is The Folklore Capital, offered through partners, which allows brands to receive loans of up to $1 million as working capital. Rasool said a pilot program showed that brands typically seek loans between $10,000 and $30,000.

“Access to capital is probably one of the biggest things that prevents small businesses from scaling,” founder Amira Rasool explained to TechCrunch. “For diverse brands in particular, there are a lot of economic hurdles that these groups face, which makes it even harder for them to access capital. Since a large makeup of our community is diverse, we wanted to make sure that they had more resources that they can use to access capital.”

The Folklore also plans to offer additional resources to brands, such as The Folklore Source, a freelancer and manufacturing marketplace, and The Folklore Hub, which will provide educational content and downloadable templates.

With this additional funding and focus on user needs, The Folklore is well-positioned to grow its reach and empower even more creators and brands in the fashion industry.

by Tony O. Lawson

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2 mins read

Cookonnect Secures $1 Million to Bring In-Home Chefs to Busy Families

Cookonnect

Atlanta-based startup Cookonnect is whipping up a recipe for success, having recently secured a $1 million pre-seed funding round from Los Angeles-based venture firm Slauson & Co.

Founded by Erica Tuggle, the company connects families with local chefs who prepare meals in the comfort of their own homes.

“Our service is all about helping people eat better, saving their time so they can focus on what matters most to them,” Tuggle explained to The Atlanta Journal-Constitution. “We also prioritize supporting our chefs and assisting them in building more lucrative and flexible culinary careers.”

Cookonnect targets busy families, particularly working mothers, who often face time constraints. The service offers a distinctive solution: the opportunity to enjoy delicious, home-cooked meals without the hassle. Chefs undergo background checks and quality screenings to ensure a professional and reliable experience for families. Meal prices start at $20 per plate, with options available to accommodate dietary needs and preferences.

Currently, Cookonnect exclusively operates in Atlanta, but expansion seems imminent with this recent funding infusion. The company’s vision is to extend its services to families nationwide, providing them with a taste of culinary convenience and a helping hand in the kitchen.

To join the company, chefs must undergo interviews, and background checks, and possess up-to-date food safety certifications. Presently, there are over 30 chefs on the platform.

Tuggle identifies Cookonnect’s competition as delivery services like Uber Eats and Grubhub, as well as meal kit providers. Currently, Cookonnect serves a 38-mile radius of Atlanta’s city center, encompassing suburbs like Johns Creek, Alpharetta, Marietta, and Sandy Springs.

This year, Tuggle aims to onboard more chefs onto the platform, expand the Atlanta client base, and prepare to enter another market. She plans to utilize the $1 million raised to increase marketing efforts, hire a backend website engineer, and recruit a head chef.

by Tony O. Lawson

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3 mins read

KLIQ Secures €1.4 Million to Empower Creators as Business Owners

London-based KLIQ, a no-code business infrastructure platform empowering creators and solopreneurs, recently announced that it has secured €1.4 million in pre-seed funding.

The round was led by Serena Ventures, the early-stage venture capital firm established by tennis legend Serena Williams, which focuses on supporting founders from underrepresented backgrounds.

KLIQ empowers creators, regardless of their niche, to build and manage their own communities and businesses. This allows them to break free from dependence on major social media platforms and establish sustainable long-term careers.

The creator economy is experiencing explosive growth, with estimates suggesting it will reach a staggering half a trillion dollars in the next five years. However, this prosperity is not evenly distributed. According to Goldman Sachs, only around 4% of creators make over $100,000 annually, with the top earners often leveraging their audience beyond major platforms.

KLIQ aims to address this imbalance and empower creators as Ben Camara, founder and CEO of KLIQ, puts it: “KLIQ’s mission is to shift the creator paradigm from content generation to comprehensive business ownership,” Camara added, “We’re not just helping people create content; it’s about creating a business.”

KLIQ’s platform provides the tools and resources creators need to go beyond content creation and become business owners. Here are some of the features KLIQ offers:

  • No-code app development: Creators can build and manage their own branded apps without needing programming expertise.
  • Monetization tools: KLIQ facilitates various income streams, including subscriptions, pay-per-view content, and merchandise sales.
  • AI-powered business insights: Their AI Business Assistant provides valuable data and analytics to help creators understand their audience and optimize their strategies.

Camara emphasizes the urgency of KLIQ’s mission, particularly “amidst the backdrop of a potential TikTok ban and the volatility of digital advertising.” KLIQ’s solution offers creators a path to independence and resilience in the ever-changing social media landscape.

This funding round highlights the growing investor confidence in KLIQ’s potential to empower creators and reshape the creator economy. The participation of Serena Ventures, alongside existing investors like Techstars and former footballer Kieran Gibbs, underscores the diverse support KLIQ has garnered.

With this fresh capital injection, KLIQ is poised to empower creators to build sustainable businesses, own their data, and take control of their financial futures.

by Tony O. Lawson

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9 mins read

Keepingly: Using Technology to Empower Smarter Homeownership

Keepingly

Keepingly is a platform that aims to make owning a home easier. By combining tech expertise with insight into what homeowners need, they want to make homeownership simpler, more empowering, and sustainable.

In this interview, Keepingly’s founder, Daniel Smith discusses how the started, what makes it unique, and where it’s headed, showing a new way to think about owning and caring for a home.

What motivated you to create Keepingly?

Keepingly was birthed out of my personal experiences as a homeowner, coupled with a noticeable void in effective tools to streamline the homeownership process. Conversations with fellow homeowners revealed a common thread: the journey of managing a home, with its myriad responsibilities from routine upkeep to financial management, often felt daunting.

Having spent several years in technology and previously managing Product for the Internet of Things, reinforced by research, highlighted the intricate challenges homeowners face, particularly in maintaining their most significant asset. Conceived as a direct response to these challenges, We aim to simplify various facets of homeownership, rendering it more accessible, manageable, and sustainable for families and individuals. 

At the heart of our mission is our commitment to Homeownership Sustainability, focusing on equipping homeowners with the necessary knowledge and tools to make well-informed decisions regarding their properties.

Our platform offers a centralized system for document storage, ensuring documents are easily retrievable, with features that aid in maintenance tracking and property appraisal. Our goal is to encourage homeowners to embrace practices that assist them to manage, maintain, and grow the value of their largest asset. 

How does Keepingly differentiate itself from other home management platforms?

Keepingly sets itself apart by emphasizing the entire homeowner journey, equipping homeowners with comprehensive tools and insights from the initial purchase to long-term management and eventual sale.

Our platform is designed to empower homeowners at every stage, providing an intuitive, accessible, and engaging user experience. Some of the features we are really proud of include:

  • Data-Driven Appraisal – Keepingly’s focus on the appraisal process ensures homeowners can capture the full value of their investments, collaborating with appraisers to account for property enhancements. Our distinct approach positions Keepingly beyond mere maintenance or financial management platforms, we offer a holistic solution for homeowners.
  • Our maintenance checklist offers a structured approach to property upkeep. This empowers homeowners to make informed decisions, fostering proactive property management.  
  • Homeowner Score – Our unique scoring methodology delivers deep insights into the impact of homeowners’ actions on their property’s value and health. Keepingly rewards homeowners with a tangible metric that reflects their efforts, encouraging ongoing engagement.
  • Keepwize with Keepingly – Our podcast in Season 1 has become a Top 20 Podcast for homeowners. It is designed to really discuss the issues that are relevant to the Homeowner’s journey and experience. We discuss what homeowners should be focused on and how they can make the best decisions around their most important asset. 

How do you ensure the security and privacy of users’ sensitive home-related information?

At Keepingly, safeguarding our users’ data is a top priority. We employ robust encryption methods to protect data both in transit and at rest, ensuring that all communication is secure and stored data is shielded from unauthorized access.

Our security measures include regular system audits to identify and fix vulnerabilities, strict access controls to limit data access and two-factor authentication for an added layer of account security.

Keepingly upholds a strict policy against selling user data, emphasizing our dedication to user privacy. Users retain full control over their data, with clear consent required for any data collection, the ability to easily export, and transparent policies that govern data sharing. 

Our approach not only ensures compliance with data protection standards but also fosters trust and transparency with our users, reinforcing Keepingly’s position as a secure and user-centric Homeownership Sustainability platform.

In what ways does Keepingly support collaboration and communication among homeowners, contractors, and other relevant parties involved in home management and improvement projects?

Keepingly focuses on the relationship between Real Estate Agents/ Brokers and Homeowners and lays a solid groundwork for document management and organization.

The platform’s ability to store and categorize essential homeownership documents like closing documents, mortgage details, insurance policies, utility records, maintenance receipts, expenses, and renovations is crucial for enhancing homeowners’ efficiency and peace of mind.

This is instrumental in ensuring that homeowners can access critical information swiftly and reliably, thereby streamlining the post-purchase phase of homeownership.

Future functionality for contractors includes 

  • Real-Time Document Sharing will be implemented in future versions of the platform. 
  • Allowing vendors and other stakeholders seamless access for sharing documents into the platform.
  • Vendor-planned features would allow better management of the relationship with the homeowner

Could you share any success stories or notable instances where Keepingly has helped homeowners manage and maintain their homes effectively?

The feedback has been overwhelmingly positive, with stories that highlight the real impact Keepingly has had on simplifying homeownership and reducing the stress that often accompanies it. The feedback also allowed us to hone in on the experience and what we needed to enhance the platform. 

One new homeowner spoke about the volume of documents and the ongoing maintenance her new home required. Keepingly became their go-to solution. They were particularly impressed by how the platform stored and allowed them to consolidate all her homeownership documents in one secure, easily accessible location.

Another client shared how Keepingly’s maintenance checklist feature was eye-opening and helpful for him as he didn’t realize all the things that he needed to be aware of. It helped him establish a proactive maintenance schedule and to ensure that his home’s systems were serviced thus preventing costly emergency repairs. 

One homeowner was especially happy with the expense feature which allowed them to know exactly what they spent on their home. 

For our theme these instances embody our core mission: to empower homeowners by providing the tools, resources, and support homeowners require to manage their homes efficiently. The Keepingly team is committed to evolving and improving the Keepingly platform and ensuring homeownership sustainability. 

Where do you see your company in the next 5 years?

In the next five years, Keepingly is set to define Homeownership Sustainability, establishing our platform as the leading platform for homeowners. Our vision is to make Keepingly synonymous with simplicity, efficiency, and empowerment in the realm of homeownership.

This journey will be characterized by relentless innovation, enhancements centered around user needs, and a steadfast dedication to fostering a sustainable and supportive ecosystem for homeowners.

Our commitment will not only enhance the homeownership experience but also contribute to a more sustainable and community-oriented approach to managing homes.

by Tony O. Lawson

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3 mins read

Health In Her HUE Raises $3 Million to Bridge Racial Health Disparities

Health In Her HUE is a digital health platform dedicated to tackling racial health disparities for Black women and women of color. The company recently announced the successful closure of a $3 million seed funding round, marking a pivotal moment in its mission to revolutionize healthcare access through technology and community-driven initiatives.

Founded in 2018 by Ashlee Wisdom, Health In Her HUE emerged with a clear goal: to create a supportive ecosystem that empowers women of color by connecting them with culturally responsive healthcare providers and vital health-related information.

Health In Her HUE

This funding round, led by Seae Ventures, includes backers such as Johnson & Johnson Impact Ventures, Morgan Stanley Inclusive Ventures Lab, Genius Guild, HBCU Founders Fund, Stanford Impact Fund, and a group of angel investors.

Health In Her HUE’s platform includes an array of offerings aimed at addressing the unique healthcare needs of its nearly 13,000 members. The platform encompasses a comprehensive directory featuring over 1,300 diverse healthcare providers across 60 specialties. This directory empowers members to personalize their healthcare journey by connecting with providers who understand and cater to their cultural nuances and individual requirements.

Furthermore, the platform offers an extensive collection of educational health content through various mediums, including long and short-form videos, articles, and live virtual events. These resources serve as informative tools, ensuring women remain informed and engaged in managing their healthcare effectively.

Central to its impact is the vibrant community fostered by Health In Her HUE. Forums and programs, such as the Care Squad Program, provide spaces for women to engage, learn from each other’s experiences, and access peer support groups curated by healthcare professionals. Topics range from fibroids and fertility to mental health, addressing critical issues often overlooked in conventional healthcare settings.

Wisdom expressed pride in the platform’s achievements and emphasized her firsthand understanding of the challenges faced by women of color within the healthcare system. Her vision to provide a safe and inclusive space where women feel seen and heard while receiving quality care has been the driving force behind Health In Her HUE’s growth and impact.

The success of this recent funding round marks the second significant investment received by the company, bringing the total investment to $4.2 million. It not only highlights investor confidence but also underscores the urgent need to address racial health disparities, acknowledging the pivotal role technology and community engagement play in effecting meaningful change.

by Tony O. Lawson

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4 mins read

Driving Change: Shekel Mobility Raises $7 Million to Revolutionize African Car Trading

shekel mobility

Shekel Mobility, a B2B trading platform tailored for car dealers in Africa, has secured a $7 million seed investment in its latest funding round. This financial backing comprises $3.2 million in equity and over $4 million in debt, with Ventures Platform and MaC VC leading the investment round.

The primary goal behind this infusion of capital is to fuel the expansion of Shekel Mobility’s operations into new African markets while fostering the development of innovative products and services within the platform.

Nigeria, recognized as the largest market for used cars in Africa with an estimated value of $10 billion, serves as a focal point for Shekel Mobility’s operations. Positioned as one of the key players in this lucrative market, the company stands poised to capitalize on the continuous growth of Nigeria’s economy.

The Nigerian used car market boasts a significant scale, with an annual sale of over 1 million used cars. Forecasts from a 2022 Statista report suggest a prospective escalation of the Nigerian used car market to a value of $1.3 billion by 2025.

However, despite this burgeoning demand, Africa’s car ownership remains notably lower than the global average, standing at fewer than 45 cars per 1000 people. To address this gap, emerging startups like Autochek and Moove have aimed to cater to consumer and driver needs. Yet, a critical need persists for solutions designed specifically for vehicle sellers in Africa, a void effectively filled by Shekel Mobility.

The existing market landscape in Africa remains predominantly offline and fragmented, presenting challenges for both buyers and sellers, including a lack of transparency, difficulty in sourcing suitable cars, and complex paperwork procedures.

Shekel Mobility has strategically positioned itself to tackle these obstacles by offering a centralized online platform that directly connects buyers and sellers. The platform features an array of tools empowering buyers to easily locate their ideal vehicles, leveraging detailed listings, 360-degree photos, and immersive virtual reality tours.

Since its inception, this Y Combinator-backed startup has reportedly facilitated transactions exceeding $56 million. By contributing to the expansion of over 1,400 auto dealerships and facilitating sales involving 7,000 cars, Shekel Mobility has demonstrated its impactful presence within the market.

The linchpin of the startup’s growth lies in its flagship offering, Shekel Credit. This unique service furnishes immediate financing to auto dealers, granting credit limits of up to $200,000 for vehicle acquisitions, typically ranging from $5,000 to $20,000.

Under this financing structure, the dealer contributes 30% of the total cost, such as $3,000 for a $10,000 car, while Shekel covers the remaining 70% as a loan to the dealer. Upon selling the vehicle to the end customer, typically within a three-month period, the dealer reimburses Shekel, encompassing the loan interest and transaction fees associated with the car sale.

Marlon Nichols, the founder and managing partner at MaC Venture Capital, expressed enthusiasm regarding the investment round, highlighting Shekel Mobility’s potential to revolutionize and stimulate growth within Africa’s automotive industry. Nichols emphasized how the team enables substantial financial movement within the Nigerian economy while simultaneously providing affordable automobiles to locals.

by Tony O. Lawson

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