Dodai Secures $4 Million Funding to Scale-up Electric Vehicle Production Amid Ethiopia’s Shift to Green Transport
By Tapiwa Matthew Mutisi
Dodai, an electric vehicle manufacturer based in Addis Ababa, Ethiopia, recently raised $4 million in a Series A funding round. The investment, funded by Nissay Capital, Musashi Seimitsu, and Inclusion Japan, will be used to enhance the company’s scale.
The company plans to allocate 80% of the raised funds to import electric motorcycle parts and lithium batteries. The remaining portion of the funds will be utilized for operational costs and software development. Dodai aims to introduce a battery-swapping system by the end of 2024.
Photo courtesy of Alexa Wirth.
Source: Innovation Village (link opens in a new window)
- Categories
- Energy, Technology, Transportation
- Tags
- electric vehicles, scale, startups
