Dodai Manufacturing PLC, a Japanese electric vehicle and motorcycle manufacturer based in Addis Ababa, Ethiopia, currently assembling and selling electric motorcycles has raised $4 M in Series A funding to bolster its operations in the country.
The investors in the round include Nissay Capital, Musashi Seimitsu, and Inclusion Japan, bringing total capital raised to $6.2 M since its inception. Nissay Capital, is a corporate venture capital arm of Nissay, an asset insurance and asset management company while Musashi Seimitsu is a revenue automotive parts supplier, and Inclusion Japan (ICJ), a Tokyo-based venture firm.
Dodai, or “foundation” in Japanese, was established in 2023 by Yuma Sasaki will use 80 percent of the funds to import electric motorbike parts and lithium batteries and the remaining capital will be allocated towards operational expenses and software development for a battery swapping system planned for launch by the end of 2024.
The high-speed electric two-wheelers with long-lasting lithium batteries aims to revolutionize transportation and making e-mobility accessible to everyone in Africa and helps Africans say goodbye to traffic jams and fuel costs, and enjoy hassle-free commuting.
The Addis Ababa-based electric vehicle startup, Dodai specializes in assembling electric bikes that are capable of traveling up to 150 km per charge. These bikes utilize lithium batteries with a lifespan of up to eight years. The company focuses on providing cost-effective scooters designed specifically for the needs of mobility gig workers and commuters in Africa. Customers have the option to rent scooters on a short-term basis, making it a more convenient and affordable transportation solution in the region.
Musashi Seimitsu Industry Co., Ltd. (Global Headquarters: Toyohashi-city, Aichi, Japan; President and CEO: Hiroshi Otsuka, “Musashi”) is pleased to announce about the investment and collaboration with Dodai Group, Inc., an EV startup based in Ethiopia that specializes in the assembly and sale of two-wheeled electric vehicles (Headquartered in Addis Ababa, Ethiopia, President and CEO: Yuma Sasaki, “Dodai”).
▲Yuma Sasaki, President of Dodai (left) Hiroshi Otsuka, President of Musashi
In Eastern African countries, including Ethiopia, there are regional challenges such as the utilization of abundant renewable energy resources, creation of industrial infrastructure for the export of carbon credits, and the strain on national finances due to crude oil imports. Musashi aims to contribute to solving these regional issues through the expansion of our e-mobility business, and through our investment and collaboration with Dodai, we plan to further expand the provision of new EV solutions in the African market.
