This investment is one of the largest ever secured by a single Ethiopian startup.

Dodai, which translates to “foundation” in Japanese, was established in 2023 by Yuma Sasaki.

The company focuses on assembling and distributing electric motorbikes in Ethiopia.

The funding round attracted prominent investors, including Nissay Capital, the venture capital arm of a $500 billion Japanese asset management firm, marking their first investment in Africa. Musashi Seimitsu, a $3 billion revenue automotive parts supplier, also participated.

According to Yuma, 80% of the funds will be directed towards importing electric motorbike parts and lithium batteries.

The remaining capital will be allocated towards operational expenses and software development for a battery swapping system planned for launch by the end of 2024.

Driven by the goal of improving lives through large-scale solutions, Yuma identified e-mobility as a key area to address after exploring various sectors like electricity, finance, and real estate.

He believes electric motorbikes can significantly address transportation challenges in Addis Ababa, create employment opportunities, and reduce government reliance on fuel.

This funding round positions Dodai for further growth and potentially paves the way for future expansion into other African markets.

This investment will fuel the program’s expansion into five additional African countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia.

Previously operating in 10 countries, Bimalab’s reach will now encompass 15 nations across the continent by 2025. This growth is anticipated with the continued support from the Swiss Re Foundation.

Launched in Kenya by FSD Africa in 2020, Bimalab offers practical assistance to insurtech startups.

These ventures focus on developing sustainable solutions for underserved communities and businesses particularly vulnerable to climate-related challenges.

The program fosters a collaborative environment where stakeholders like insurance innovators, technology partners, established insurance firms, investors, and regulatory bodies can work together.

“Bimalab Africa is creating an insurtech ecosystem that empowers startups to reach previously underserved markets,” said Elias Omondi, Bimalab Africa Programme Lead.

“This expansion will enable us to have a wider impact and contribute to a more resilient Africa.”

This funding will be used to pay off more expensive euro-denominated loans.

The recent investment adds to the $150 million Planet42 has raised to date, including $100 million secured in 2023.

Founded in 2017, the company uses data and algorithms to assess credit risk and offer customers flexible car rental or purchase options.

The company currently focuses on South Africa and Mexico, where they boast over 12,000 delivered vehicles.

Their 2023 funding round included $15 million in equity, $10 million in debt, and a $75 million credit facility.

This investment highlights a shift for Planet42, previously relying solely on foreign currency loans.

“Operating without local currency debt was extremely expensive,” stated the company’s CEO.

The Standard Bank funding signifies a potential “bigger strategic partnership” as per the CEO.

In Africa, Planet42 faces competition from companies like Autochek, which caters to individual car ownership needs, and Moove, which focuses on ride-hailing vehicles in parts of sub-Saharan Africa.

The investment comes from a consortium of European development finance partners.

The European Investment Bank, alongside the ACP Trust Fund, will contribute $16 million, while the Development Bank of Austria (OeEB) and the Belgian Investment Company for Developing Countries (BIO) will each provide $12 million.

This 10-year funding will enable TowerCo to install 506 new telecom towers in underserved areas currently lacking network coverage or experiencing congestion due to overloaded infrastructure.

With only 65% of Uganda boasting mobile network coverage, this investment comes at a crucial time.

The project aims to bridge the digital divide and propel the country closer to its goal of achieving 95% coverage nationwide.

The press release, published on TowerCo’s website on March 6, 2024, highlights the towers’ focus on sustainability.

Primarily powered by renewable energy, they will reduce reliance on fuels and generators, minimizing theft and promoting environmental responsibility.

The European-backed network expansion is expected to empower rural Ugandan communities.

Access to 4G and 5G data services will open doors to improved internet connectivity, while the infrastructure will also facilitate the adoption of mobile money solutions.

Several mobile network operators will share the 506 towers, fostering efficient network expansion into rural regions.

Geoffrey Donnels Oketayot, CEO of TowerCo of Africa Uganda, expressed his appreciation for the investment, highlighting the shared vision of connecting communities and stimulating economic growth across Africa.