Dodai today announced the successful closing of its $13 million Series A financing round, comprising $8 million in equity and $5 million in debt, to accelerate the rollout of electric motorbikes and battery swapping infrastructure in Ethiopia. The round includes participation from Value Chain Innovation Fund, UTokyo Innovation Platform Co., Ltd., Nagase & Co., Ltd., Persistent ACV Fund, For Seasons, CBC Co., Ltd., and Inclusion Japan, alongside British International Investment (BII).
Three years ago, Dodai started with a simple belief: urban electric mobility should be accessible to everyone. While much of Africa’s startup ecosystem has concentrated on markets such as #Kenya, #Nigeria, #Egypt, and #SouthAfrica, Dodai chose to build in #AddisAbaba, a city with massive unmet demand for affordable transportation, rapidly growing e-commerce, and a need for job creation. At the same time, Ethiopia has taken a bold step by banning the import of fuel-powered vehicles, creating strong structural momentum toward electrification. Dodai saw the opportunity early—and moved first. In just three years, Dodai has locally assembled and deployed over 2,000 electric motorbikes. The company has also built a team of approximately 100 employees, 97% of whom are Ethiopian.
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