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“Dodai, Ethiopian EV Startup Raises $4M in Series A, Amidst Government’s Electric Mobility Push”

Following the recent funding of $4 million in its Series A round, Doda, Japan-Addis Abba-based electric vehicle (EV) startup raises its total capital generated to $6.2 million since its establishment in 2023, as it also marks one of the largest amount gained by Ethiopian startups in a single round.
Nissay Asset Management and 武蔵精密工業 Musashi Seimitsu Industry Co., Ltd. are the major investors in the round; with Inclusion Japan (ICJ), a Tokyo-based venture also featuring as a returning investor. The EV startup’s entry into the Ethiopian landscape coincides with the Ethiopian government’s plan to import 4800 electric buses and 148,000 electric automobiles from 2021 to 2030 to accelerate the transition to electric mobility amid a global fuel hike. Hence, the government’s introduction of duty-free importation of EV parts. This initiative has caused a reduction of Dodai’s e-bike prices from 200,000 birr to 150,000 birr.
As Double Feather Partners, we are dedicated to supporting startups and ideas that are channeled toward providing solutions to strategic sectors within the African ecosystem.
Read more here: https://lnkd.in/dmjDWba3