NAIROBI, Kenya, April 21 – Automotive technology company Autochek has acquired a majority stake in AutoTager, an Egyptian automotive technology company, as it deepens its North African presence.
AutoTager is a venture-backed startup that simplifies the car buying and selling process in Egypt by enabling easier access to vetted vehicles and financing for consumers and connecting dealers with serious buyers online.
The acquisition represents Autochek’s entry into Egypt, which is Africa’s second-largest economy and the continent’s second-largest automotive market.
The country’s strategic geographical position, skilled workforce, large domestic market, and successful reforms undertaken by the country’s government in recent years have enabled dynamic growth and made it one of the largest recipients of foreign direct investment (FDI) in Africa over the past decade.
“Amr’s background and track record is as impressive as it gets and I am delighted to have him on board,” Autochek CFO and co-founder Olajide Adamolekun said.
“His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem,” Adamolekun added.
“There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”
This is the third acquisition for Autochek in less than a year and the sixth in under two years, reflecting the firm’s goal to be a pan-African company.
It now has active operations in nine countries across East, West, and North Africa, with a partner-led footprint of more than 2,000 dealers and workshop locations.
AutoTager was founded in 2021 by Amr Rezk, a serial entrepreneur who founded and co-founded multiple successful companies, including Fundseer, a leading private equity GP/LP coordination platform.
Amr has deep experience operating in and investing in various geographies across Africa and the Middle East, with a track record of building and sustaining high-growth enterprises.
Prior, Rezk worked with several large institutions, including Goldman Sachs, EFG-Hermes, and the Qatar Investment Authority, where he led the Private Equity and Venture Capital Funds Investments Team.
He has an academic background as an economist and holds an MBA from Harvard Business School.
“Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high growth markets,” AutoTager CEO and Founder Amr Rezk said.
“We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high quality top decile returns.”
