">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Sunday, January 24, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Startups

Tugende raises $780,000 to finance more motorcycles for Ugandan riders

Sam Wakoba by Sam Wakoba
6 years ago
in Startups
4 min read
0

Related posts

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021
0

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
0

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0

homepage-1000x400_1Uganda’s Tugende, a for-profit social enterprise which enables boda boda riders to own their own motorcycles has announced a $780,000 in equity and debt from the Segal Family Foundation and Echoing Green and a number of private angel investors, including previous Tugende investors.

Founded in 2010, Tugende aims to use the funds to finance additional leases and meet the increasing demand from its long customer waiting list. The firm will also invest in new locations, new executive hires, and better technology to provide a foundation for even more rapid growth in 2015 and 2016.

This latest funding follows Tugende’s earlier round of $300,000 closed it raised from impact-oriented angel investors, with many drawn to Tugende through the Unreasonable Institute.

Tugende offers an affordable lease-to-own model to help motorcycle taxi drivers own their own motorcycles in 18 months or less instead of renting indefinitely. Payments are comparable to what drivers would otherwise pay in rent, and ownership significantly increases income, job security and road safety for drivers.

“We know that across Uganda and many other emerging markets, motorcycles are driving economies forward by moving people and getting business done. From farmers needing to move produce to professionals stuck in traffic, demand for affordable transport solutions is high, and motorcycles are filling the gap.” said Tugende CEO Michael Wilkerson. “Perhaps more importantly, motorcycles provide hundreds of thousands of badly needed jobs in a region with massive youth unemployment.”Tugende, which empowers motorcycle drivers to won their own bikes says there are approximately 400,000 people making their living with motorcycles in Uganda, and many more in neighboring countries like Kenya, Rwanda and Tanzania. This round of funfing will help the firm put more bikes into more riders this year.

READ  Ukheshe launches track & trace to assist with Covid-19 infection alerts
Readers 2,433

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: Boda BodaFundingUganda
Sam Wakoba

Sam Wakoba

Taking you on tour through Africa's tech ecosystem, one startup at a time! [email protected]

Related Posts

Startups

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021
0
Startups

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
0
Startups

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0
Health

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0
Startups

Uganda’s Innovex raises funding from Gaia Impact Fund to enable remote monitoring for solar companies

January 22, 2021
0
Startups

Aerobotics Raises $17 Million Led by Naspers To Scale AI for Agriculture Globally

January 21, 2021
0
Startups

Tanzanian money remittance startup NALA is launching in the UK

January 21, 2021
0
Startups

Startup Guide to release of Startup Guide Nairobi

January 21, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
Toshiba

Chrome Now Helps You Change Weak Passwords

January 23, 2021
Toshiba

Shoppable Ad Formats Are Coming Soon To Youtube

January 23, 2021

Hero MotoCorp Surpasses the Monumental 100M Cumulative Production Milestone

January 23, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: