Kenya based Mondo Ride has secured its second round of funding of USD 2 Mn. The latest fundraise was led by investors from the UAE and Egypt. The money will be will be used to fund continued expansion across Africa and further investment in its proprietary technology platform. The second round of financing has brought its seed investment to a total of USD 5 Mn.
Troels Andersen, CEO and Co-Founder of Mondo Ride says the money will help their ambitious plans for expansion on the continent as well as for further investment in Mondo Ride’s proprietary technology platform.
“This funding round will enable Mondo Ride to provide even more rides for busy, active people across the fastest growing cities in Africa. We currently have operations in five cities across Africa, and plan to open six new cities by the end of 2018, significantly increasing ride numbers. We were overwhelmed with interest in the funding round and plan to take many of the positive engagements forward to the Series A round planned for H1 2018,” said Troels Andersen, CEO and Co-Founder of Mondo Ride.
Anderson added that with a presence in more than 25 countries in Africa, iSON is an ideal partner as the company continues to scale its business in Africa.
“Mondo Ride is one of the most exciting new technology businesses operating in the large and fast-growing ride hailing market in Africa. What Troels and the Mondo Ride team have developed over the last two years is hugely impressive, and we’re excited to be working together to create an African market leader. Mondo Ride is a great example of the type of founder-led, operationally efficient business that we like to invest in,” said Ramesh Awtaney, Founder and Chairman of iSON Group, one of Mondo Ride’s anchor investors.
Headquartered in Nairobi, Mondo Ride was launched in January 2016 as ride hailing services. Since its inception, the startup has experienced double-digit monthly revenue growth according to Andersen, and now has 6,000 drivers who have signed onto the platform.