Ethiopia-Based EV Startup Dodai Raises USD 4 M Series A Funding

Dodai, an Addis Ababa-based electric vehicle (EV) startup, has secured USD 4 M in its Series A round, marking one of the largest amounts raised by startups in Ethiopia in a single round. The latest equity funding brings Dodai’s total raised capital to USD 6.2 M since its inception. The investors in this round include Nissay Capital, the corporate venture capital arm of Nissay, an asset insurance and asset management company, and Musashi Seimitsu, a revenue automotive parts supplier. Inclusion Japan (ICJ), a Tokyo-based venture, also joined as a returning investor.

Dodai assembles electric bikes capable of traveling up to 150 km per charge, utilizing lithium batteries that have a lifespan of up to eight years. The company provides cost-effective scooters specifically crafted for the needs of mobility gig workers and commuters in Africa, enabling customers to rent scooters on a short-term basis making it a more convenient and affordable option for transportation.