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.