Nigeria’s TopCheck raises 1 Million Euros from angel investors – “Africa has perfect market conditions for startups”

TopCheck screenshot
VC4Africa listed price comparison website TopCheck (Nigeria) closed a 1 Million Euro investment round. Half a year ago we profiled them on VC4Africa when they closed a “six digit Euros” financing round. The founders are very positive about startup opportunities in Africa.

TopCheck was founded earlier this year by the two Germans Christian Wiesner and Thomas Pilar, Jose Figueiredo from Portugal and Maciej Taranienko from Poland. All from Europe, the TopCheck founders already had startup experience there, but praise the market conditions for startups in Africa.

„In Africa, we find perfect market conditions for startups: almost no competition, but extraordinary growth rates“, says founder Thomas Pilar. The new seven digit Euros round is raised from well-known European investors linked to Rocket Internet, Trivago and other international companies.

Africa’s price comparison sector is beginning to get more momentum as users start to get used to buying not only products, but also services online. Half a year ago Pilar told us “We believe that 2015 will be the year of the emergence of a big African player, and we’re very well positioned to be that one player”. This is still the ambition of the TopCheck team. “We bring a business model that has traditionally been very successful in Europe and the US to the growth market Africa,“ Pilar explains. „And as a founding team with many years of internet experience, we’re very well set to be the number one player in this space“. The founders, who have founded their own companies in the past, have previously worked for Google, Rocket Internet, PricewaterhouseCoopers, DailyDeal.

TopCheck won globally active venture builder Mountain Partners as lead investor, as well as business angel Dr. Cornelius Boersch. Boersch brings along the European Investment Fund as co-investor. The founders of Trivago are investing, joined by the business angels Alexander Fugger, Ron Hillmann, who also helped with investor acquisition, Martin Scherrer (former CFO of Comparis, the Swiss comparison site), the co-founder of Rocket Internet Lendico Clemens Paschke, the founders of Radcarpet Florian Resatsch and Uwe Sandner, and Ferdinand v Kalm (former Rocket Internet COO).

On TopCheck, African users can currently compare and buy insurances. Further financial products will follow. The company is currently expanding its team of ten in Lagos.

See TopCheck’s VC4Africa venture profile for more.