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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.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Egypt’s T-Vencubator, a prominent venture capital firm and incubator, has unveiled its initial investment program, which aims to back five startups by 2025.
South African nurse-led primary healthcare clinic chain Alma Clinics has secured $2.8 million in funding from investment firm IDF Capital’s Alitheia IDF Fund (AIF).
SA-based medical technology startup Impulse Biomedical has received a new round of funding from E Squared Investments and ANZA Capital.