TLDR:
- Ethiopia-based EV startup Dodai raises USD 4 M in Series A funding, bringing total capital raised to USD 6.2 M
- Investors in the round include Nissay Capital, Musashi Seimitsu, and Inclusion Japan
An Addis Ababa-based electric vehicle startup, Dodai, has successfully secured USD 4 million in its Series A funding round. This marks one of the largest amounts raised by startups in Ethiopia in a single round. The latest equity funding brings Dodai’s total raised capital to USD 6.2 million since its inception. The investors in this round include Nissay Capital, the corporate venture capital arm of Nissay, an asset insurance and asset management company, Musashi Seimitsu, a revenue automotive parts supplier, and Inclusion Japan (ICJ), a Tokyo-based venture.
Dodai specializes in assembling electric bikes that are capable of traveling up to 150 km per charge. These bikes utilize lithium batteries with a lifespan of up to eight years. The company focuses on providing cost-effective scooters designed specifically for the needs of mobility gig workers and commuters in Africa. Customers have the option to rent scooters on a short-term basis, making it a more convenient and affordable transportation solution in the region.
