Nigeria’s Cars45 has raised 5 million dollars Series A funding from Frontier Cars Group, a company that is backed by Balderton Capital, EchoVC, TPG Growth, and NEA to expand and improve its services.
Cars45 was founded by Etop Ikpe last year with Sujay Tyle, Iyamu Mohammed, Sujay Tyle, and Peter Lindholm. Interestingly, each one of the co-founders has experience in managing a startup across Africa, Europe, and United States. Etop Ikpe was the former Managing Director of DealDey Mohammed was a former Head of Operations at Carmudi (now JumiaCar), Tyle was a Chief Operating Officer at Hired.com and Lindholm worked briefly at mobile operator Millicom.
Commenting on why they invested in Cars45, Eghosa Omoigui of EchoVC said: “Cars45 is a platform that brings better information, trust, and liquidity to Africa’s used car markets. We felt it was one of those classic startup models that bring offline-online and delivers technology into a very analogue business market to create real scale.”