Dodai Bags $13M to Scale Electric Motorbikes in Ethiopia

🏍️ Meet Dodai

• Dodai is a startup that assembles electric motorbikes locally in Ethiopia. They also run a network of battery-swapping stations to keep riders moving.

• Fresh capital. They just secured $13M in a Series A round.

• The deal includes $8M in equity from Value Chain Innovation Fund and other investors, plus $5M in debt from British International Investment.

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⛽ The Shift

• Ethiopia spends $4.5B on fuel imports every year. To save currency, the government recently stopped the import of fuel-powered vehicles.

• Gas is out. This leaves a massive gap for electric alternatives, but traditional charging takes too long for delivery drivers who need to stay on the road.

• Dodai solves this with batteries that can be swapped for a full charge in just minutes.

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🛠️ Local Roots

• Dodai has already put more than 2,000 bikes on the road. Most of their workforce (97%) is hired locally.

• They've teamed up with microfinance institutions to help riders own their vehicles.

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🚀 Moving Fast

• The new money will fund 30 new swapping stations in Addis Ababa.

• They plan to support 3,000 active users by next year. The goal is to reach 30,000 users before heading to other cities like Abidjan and Accra.