Ugandan Bike-Hailing Startup SafeBoda Secures Series B Funding, Kickstarts Nigerian Expansion
Uganda-based bike hailing startup, SafeBoda, has raised an undisclosed amount in a Series B funding round. The round was co-led by digital investment firm, Allianz X and Indonesia’s ride-hailing company, GOJEK.
This investment is Allianz X’ first in a company headquartered in Africa. Both investors, Allianz and GOJEK, are already partners in GOJEK’s home market of Indonesia, investing $35 million in the company.
Launched in 2015, SafeBoda provides an on-demand ride-hailing services in Uganda and Kenya. The startup also provides various consumer and payment services to users.
With this new investment, the startup would be adding important Fintech services to its platform for both its drivers and passengers. This could also see it mirror what GOJEK has done in Indonesia, launching an app for its services.
“We are excited to have Allianz X join our investor group, particularly as we deepen our platform and add a number of important FinTech services for both SafeBoda drivers and passengers. We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa.”Alastair Sussock, Co-CEO and Co-founder of Safeboda.
Speaking on their investment, Corporate Development Director at Allianz X Oliver Ullrich says, “Our investment in SafeBoda underlines our continued commitment to growth markets…SafeBoda has successfully established itself in the ride hailing market in Uganda and we look forward to supporting the company’s expansion into additional countries and services.”
SafeBoda to expand into Nigeria
Following this investment, SafeBoda has unveiled plans to expand into its 3rd market, Nigeria. This is a good venture for the startup as Nigeria is the most populated country in Africa and has one of the biggest economies on the continent. This move also comes about a year after the startup expanded operations into Kenya.
To show its commitment, the company has appointed former Andela Community Manager, Babajide Duroshola as its Country Head. And it is expected that it will start with its Nigerian operations in Lagos.
However, the bike-hailing platform would not be the first of it’s kind in the Nigerian market. The bike hailing market is already being occupied by the likes of Gokada and MAX, each of whom would prove solid competition for SafeBoda.
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