You would agree with me that the most popular kind of cars sold in Nigeria are the used, “tokunbo” cars. One would not be too surprised that we now have a platform that brings sellers and buyers of these type of cars together.
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Cars45 is a Nigerian startup that helps users evaluate, buy and sell used cars, and news is, they have just raised the sum of $5 million in a Series A funding round from the Frontier Cars Group supported by Balderton Capital, EchoVC, and TPG Growth.
The venture was founded in 2016 by Etop Ikpe with Iyamu Mohammed, Sujay Tyle, and Peter Lindholm as co-founders. It is worthy of note that these brilliant minds behind this startup have remarkable experience in African startups and eCommerce business, specifically in Konga and DealDey.
According to Co-founder Etop, he believes that Cars45 is solving a major challenge in the selling and buying of cars, by limiting difficulties that people encounter when trying to sell off a used cars.
“The used-car market in Nigeria is generally a big hassle. There’s so much mistrust, no vehicle history, and not much of a structured dealer network. We’ve created something that changes all that, offering transparency, speed, convenience, and safety, in a highly frictional and opaque market.” — Etop Ikpe, Cars45 CEO.
On what the funds would be used for, TechCrunch reports that Cars45 will deploy the capital to improve its platform that buys, sells, prices, and rates the condition of pre-owned autos. So move over to Cars45.com to sell or buy that “tokunbo” you’ve been hoping to.