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Nairobi-based tech startup Ecobodaa has secured an undisclosed amount of funding from Persistent, Zurich-based venture capital and private equity firm that focuses on investing in the off-grid energy sector.
Ecobodaa enters a strategic partnership and secures funding from Persistent
Not only has Persistent invested an undisclosed amount of funding into the innovative tech startup but it has also entered a strategic partnership with Ecobodaa.
Mia von Koschitzky-Kimani, Cheif Venture Builder at Persistent comments on the partnership and investment made into Ecobodaa.
“We are very excited to support Kim, Steve, and the Ecobodaa team in creating a leading e-mobility business in Kenya. We were impressed with the team’s hard work, local knowledge, and achievements so far. We believe that Kenya’s transport electrification is on the verge of a tremendous growth opportunity, thanks to a combination of strong green energy potential, large bodaboda sector, a high number of people impacted by access to or earnings from bodaboda’s, and improving cost of technology. Persistent is pleased to catalyze one of the most promising companies in the sector.”
Through its partnership with Ecobodaa, Persistent will provide technical and financial advisory support, with a hands-on approach rooted in deep operation knowledge to provide the best assistance to the pioneering African e-mobility tech startup.
Kim Chepkoit, CEO of Ecobodaa explains that the partnership with Persistent will result in growth for the tech startup.
“Persistent has already proven to be a great partner to us. They moved quickly and methodically to bring fresh capital and immediately were on the ground in Kenya, helping us build our business with their strong experience building innovative startups. They complement our skillset, provide insights and add real value. We are excited about continuing to grow with their collaboration.”
Founded in 2020 by Kenyan engineering duo Kim Chepkoit and Steve Juma, Ecobodaa has pioneered the country’s first affordable electric motorbike taxis.
The e-mobility startup aims to provide a cost-effective, safer, and environmentally-friendly form of transportation for commuters in African cities.
Referred to as ‘bodabodas’, the electric motorbikes work on a rent-to-own model enabling riders to eventually own the electric-powered motorbike and further empowering them.
Designed and assembled in Nairobi, the electric motorcycles are reportedly equipped with sensors that collect data. The data collected is used to help the tech startup improve its services and product offering for its users.
As a result of the bodabodas being fitted with a high-efficiency electric motor, the overall cost of maintenance is reduced and further enhances its offering of affordability for owners.
According to reports, Ecobodaa e-bikes have zero direct emissions and positively contribute to air quality and climate change mitigation.
Not only does the product offering positively impact the external environment but Ecobodaa’s business model has been created to establish employment opportunities for Kenyan’s as the e-motorcycles are offered on a rent-to-buy model and is an affordable alternative to the current taxi prices.
Featured image: Ecobodaa, Facebook