In September, I did a bit of digging to try to make sense of a fairly dramatic week at the startup, Cars45.
ICYMI: After the exit of 11 high profile executives of the company in September, Cars45 put up a now deleted Instagram post with the pictures of the executives and publicly dissociated themselves from them. As far as exits go, it was hella dramatic.
Mum’s the word: I tried to get in touch with the executives who left the company, but they remained tight-lipped. Cars45 also didn’t have much to say about the exit after deleting that infamous Instagram post.
But the news still got around and at the time, what we immediately knew was that the executives who left Cars45 went on to set up their own company.
I wrote at the time;
“Another source confirmed to TechCabal that the new venture is called Autochek, and it will reportedly operate in Ghana and Nigeria after buying Cheki’s business in both countries. At the time of this report, this claim has not been independently verified.”
Update: Autochek has now raised $3.4 million in a pre-seed funding round to “grow operations and help develop its platform.” The funding round was led by TLcom Capital and 4DX Ventures, with inclusion from Golden Palm Investments, Lateral Capital, Kepple Africa Ventures, MSA Capital and a number of local angel and seed investors.
Bottom line: It feels very much like an “old wine in new skin” situation, with many of Autochek’s new people having spent time with Cars45, who they will now compete with. In fact, one of Autochek’s founders, Mohammed Iyamu has some history in the sector, having been head of Operations at Carmudi and Co-Founder at Cars45.
Bonus: It’s been a busy week on the fundraising front, so don’t forget to look out for our “deals of the week” section this Friday.