Dodai, an Addis Ababa-based electric vehicle (EV) startup, has secured $4 million in its Series A round, marking one of the largest amounts raised by startups in Ethiopia in a single round.
This latest equity funding brings Dodai’s total raised capital to $6.2 million since its inception, with the startup aiming to secure an additional $2 million in its Series A round.
The investors in this round include Nissay Capital, the corporate venture capital arm of Nissay, a $500 billion asset insurance and asset management company, making its first investment in Africa, and Musashi Seimitsu, a $3 billion revenue automotive parts supplier.
Inclusion Japan (ICJ), a Tokyo-based venture with a $100 million fund, also joined as a returning investor, having previously invested in Ethiopian startups such as Gebeya, GoodayOn, andAddis Software.
“I have been visiting Ethiopia every three months since 2022, not only to support startups but also to continue to invest in surrounding startups around Dodai,” shared Yasuhiro Yoshizawa, co-founder and general partner of Inclusion Japan, in a written statement to Shega.
“I truly feel that Dodai’s development is strongly leading the entire Ethiopian startup ecosystem. With the arrival of new, powerful investors from Japan this time, I am thrilled about the imminent exponential growth of the business,” he added.
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