Etop Ikpe’s automotive startup joins the leading global entrepreneur support organisation
Lagos, April 14 — Endeavor Nigeria has welcomed auto tech company, Autochek to its global network. Launched in 2020 by serial entrepreneur Etop Ikpe, the company combines technology and data to enhance auto trade and auto finance across African consumers, by creating a single marketplace for all automotive needs.
With a mission to build strong entrepreneurship ecosystems in high-growth markets including Africa, Latin America, Asia, Europe & North America, Endeavor selects, mentors and accelerates the best high-impact entrepreneurs, supporting them to scale their companies as well as drive economic growth and job creation. Along with Etop Ikpe, Endeavor Nigeria supports 16 entrepreneurs who lead 10 companies including Flutterwave, Carbon, 54gene, Paga, Migo, Daystar Power, HealthPlus, Kobo360 and FilmHouse & FilmOne.
“Autochek is a transformational high-growth company that is providing an auto needs platform that is accelerating the ability of Africans to get better quality vehicles by providing affordable access to car loans, while also derisking the auto lending processes for financial institutions. The Autochek solution also helps to preserve the residual value of vehicles through our after-sales network of maintenance services thereby reducing the total cost of vehicle ownership and thus positioning itself as the market’s first fully end-to-end automotive marketplace. Etop has been a part of the Endeavor network for over two years and we’re happy to continue to support him and his new venture. As a successful serial tech entrepreneur in Nigeria, Etop has been a dedicated founder and a strong role model for entrepreneurs in Nigeria.”, said Tosin Faniro-Dada, the Managing Director & CEO of Endeavor in Nigeria.
Endeavor Entrepreneur candidates go through a rigorous selection process which culminates in an International Selection Panel (ISP) where candidates are vetted by trusted mentors, drawn from Endeavor’s extensive network of over 4,000 mentors across the world. As part of the process, Autochek was presented at a Local Selection Panel (LSP) where a panel of Endeavor mentors evaluated the business and its potential to achieve scale. The Panelists at the Local Selection Panel (LSP) unanimously voted for Endeavor’s continued support for Etop’s new venture.
“I am honoured to have Autochek accepted into Endeavor’s global network and I’m grateful for the continuous support over the years. Endeavor is an exceptional organization providing entrepreneurs such as myself with an ecosystem that supports high growth organizations to achieve their potential through a unique network of diversely limitless resources. This is a significant turning point, and I, alongside the Autochek team, look forward to transforming automotive trade on the continent.”, said Etop Ikpe, CEO of Autochek.
Like much of Sub-Saharan Africa, Nigeria is dominated by the used car market. Consumers typically use one of two channels to buy cars: independent (unregulated) small-scale dealers or informal transactions within their personal networks, which in turn causes significant delays with very limited access to car loan options for used cars. Redesigning the process with its digital platform, consumers in Nigeria & Ghana can now buy cars and access financing via the Autochek app, knowing that every listed car has undergone a 150-point inspection process.
Backed by investors including TLcom Capital & 4DX Ventures, Autochek has surpassed several milestones. To date, the company has processed over 6,000 car loan applications and most recently Autochek announced the launch of its online truck loans marketplace, which involves a collaboration with a fellow Endeavor Entrepreneur’s company, Kobo360.
Established in 1997, Endeavor is a mission-driven, global organization leading the high-impact entrepreneurship movement. Endeavor was founded on the belief that job creation, innovation, and overall prosperity flourish where there is robust support for high-impact entrepreneurs. To date, Endeavor has screened more than 60,000 individuals and selected more than 2,000 founders leading over 1,200 scale-up companies. With support from Endeavor’s worldwide mentor network, Endeavor Entrepreneurs have created over 3 million jobs, generate more than $20 billion in revenue each year, and inspire future generations to innovate and take risks, building strong entrepreneurship ecosystems in growth markets. Headquartered in New York City, Endeavor currently operates in nearly 40 growth markets throughout Africa, Asia, Europe, Latin America, the Middle East, and North America.
Endeavor launched its Nigeria office in 2018 to select and support the best founders of companies at the scale-up and growth stage, who recognise a responsibility to pay it forward and multiply their impact in Nigeria’s entrepreneurship ecosystem. In Nigeria, we aim to select 4-6 companies a year and today there are 16 Endeavor Entrepreneurs leading 10 companies in the portfolio.
Learn more about Endeavor in Nigeria: www.endeavornigeria.org
Learn about Endeavor’s global network: www.endeavor.org
Autochek is an auto tech company established to build digital solutions targeted at enhancing and enabling automotive commerce across Africa. The company aims to transform the automotive buying and selling experience for Africa consumers with its apps and digital solutions.
Etop Ikpe is CEO of Autochek. A seasoned entrepreneur who has been at the forefront of African technology and innovation for more than a decade, Etop has served as CEO at Cars45 and Dealdey.com, and as Commercial Director at Konga.com. Etop is also passionate about supporting the development of young people across Africa.
Joy Mabia – Endeavor Nigeria
Maria Adediran & Busayo Olude – Autochek