SafeBoda has received an undisclosed cash injection from Google’s Africa Investment Fund .The giant American technology firm said it had bought a stake from the startup to drive its growth in Uganda and Nigeria .Google is currently looking for viable Kenyan startups and others across the continent to invest in Read more:
Google has begun investing in regional startups as part of its KSh 5 billion Africa Investment Fund kitty announced in October 2021.
On Thursday, December 16, the giant American technology firm announced it had injected an undisclosed amount of money into SafeBoda, a motorcycle hailing startup with operations in Uganda and Nigeria. Driving SafeBoda’s growth Google’s purchase of a stake in the venture-backed startup will assist the company drive its growth in the countries.
Driving SafeBoda’s growth
Google’s purchase of a stake in the venture-backed startup will assist the company drive its growth in the countries.
Additionally, the startup will scale up its transportation-led app to offer new payment and financial services solutions for its expanding customers, including passengers, drivers and merchants.
Viable Kenyan startups
The stake buyout comes when Google searches for viable Kenyan startups and others across the continent to invest in. “This is part of our ongoing commitment to tech startups in Africa. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and entrepreneurs,” Nitin Gajria, Managing Director for Google in Africa said.
KSh 100 billion to support digitization in Africa The Africa Investment Fund is part of a broader plan to invest KSh 100 billion over five years.
SafeBoda leaves Kenya
The investment comes barely a year after SafeBoda quit the Kenyan market owing to hardships occasioned by the COVID-19 pandemic. At the time, the company said despite the recovery that Nairobi was undergoing from the pandemic; the public motorcycle transport sector had been hard hit, making their business unsustainable.