After two years of strategic support and a seed investment of 3 million dirhams in equity in KIFAL Auto, Moroccan accelerator the 212 Founders has made its first exit, following the recent purchase of the startup by Nigerian autotech company Autochek.
This acquisition is also an opportunity to accelerate the growth of KIFAL Auto inside the wider Autochek company, which is now operating in five African nations and aims to become the top pan-African intermediary in the used-car market.
As a reminder, the 212 Founders program has funded 12 Seed and pre-Series A startups with 57 million Dirhams and a portfolio transfer operation since 2019.
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The strategic acquisition has elevated KIFAL Auto to a leading position in Morocco. KIFAL Auto is a 2019-launched online platform that has become a trusted partner for the majority of Moroccan consumers throughout the full process of purchasing and selling used cars.
The startup benefited from strategic and operational support from the 212 Founders teams throughout its incubation, allowing it to quickly stabilize its business model, accelerate sales, and position itself as a major independent player in the Moroccan market with 6 locations across the north African country.
Following this incubation period, 212 Founders enabled KIFAL Auto to raise their first Seed investment of 3 million dirhams.
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The startup now manages all of its procedures for the purchase and sale of used vehicles on behalf of the client by offering a transparent and simplified approach, as well as other complementary services with high added value such as automotive expertise, mechanical warranty, financing solutions, and so on.
“We applaud the 212 Founders teams’ early confidence in our project. This assistance has enabled us, in particular, to establish a market reputation, strengthen our operations, and improve our technology, allowing us to become a key player in the sale of used vehicles in Morocco today. Being a “212 Founders startup” increased our international visibility and piqued the interest of various players, including Autochek, with whom we agreed to collaborate. It seemed logical to sell KIFAL Auto to Autochek because we share the same principles, vision, and a strong goal for Morocco and the African continent,” Nizar Abdallaoui Maane, founder of Kifal Auto, stated.
“Since the inception of 212 Founders, we have been happy to play a catalytic role in the Moroccan Tech industry by not only supporting and investing in companies, but also by enabling them to merge and expand more swiftly and peacefully within benchmark groups in their sector. We won this bet by providing two years of support to KIFAL Auto and accompanying them until their incorporation into the Autochek framework,” Youssef Mamou, Director of the 212 Founders Program, said.
212 Founders Morocco startup 212 Founders Morocco startup
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh