Dodai's Series A Funding Round Closes with $4 Million Triumph

Dodai's Series A Funding Round Closes with $4 Million Triumph

By Staff Writer, 17 March 2024

Dodai, an emerging electric vehicle (EV) startup headquartered in Addis Ababa, has successfully closed its Series A funding round, securing a substantial $4 million.

This milestone not only marks one of the largest investments ever raised by startups within Ethiopia but also propels Dodai's total capital raised to $6.2 million since its establishment.

The company is now eyeing an additional $2 million to round out its Series A funding.

Among the key investors in this round is Nissay Capital, the venture capital arm of Nissay, a financial powerhouse with assets totaling $500 billion.

Notably, this marks Nissay's inaugural investment venture into the African market.

Additionally, Musashi Seimitsu, a prominent automotive parts supplier boasting a revenue of $3 billion, has joined as a significant contributor to Dodai's funding endeavors.

Joining this roster of backers is Inclusion Japan (ICJ), a Tokyo-based venture capital firm with a substantial $100 million fund.

Having previously supported Ethiopian startups like Gebeya, GoodayOn, and Addis Software, ICJ's participation underscores a continued commitment to fostering innovation in the Ethiopian tech landscape.

In an exclusive interview with Shega, Dodai's founder and CEO, Yuma Sasaki, disclosed the strategic allocation of the raised capital.

Sasaki revealed that 80% of the funds will be dedicated to importing essential components for electric motorbikes and lithium batteries.

A further 15% will be allocated to cover general administrative expenses, while the remaining 5% will fuel software development initiatives aimed at facilitating battery swapping, slated for rollout in the fourth quarter of 2024.

The genesis of Dodai traces back to its founding in 2023 by Yuma Sasaki in Ethiopia.

Inspired by his prior venture in Djibouti, where he pioneered a pay-as-you-go electricity payment system to empower low-income households, Sasaki launched Dodai with a vision to revolutionize the transportation sector while fostering sustainable development in Ethiopia and beyond.

Source: Kaleab Girma / Shega

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