Persistent Energy Capital, a Venture capital company that specializes in working with early-stage companies that offer valuable products and services to consumers in frontier markets, has invested in Ecobodaa, a Kenyan e-mobility startup, for an undisclosed sum.
Ecobodaa was founded in 2020 by Kim Chepkoit and Steve Juma, a company that aims to make transportation more affordable, safer, connected, and environmentally friendly for commuters in African cities.
The company operates on a rent-to-own model, with riders eventually owning the electric powered motorcycles.
The start-up was chosen for the Africa Transformative Mobility Accelerator last year.
Chepkoit said, “Persistent has already proven to be a great partner to us.”
“They moved rapidly and methodically to raise new capital and were quickly on the ground in Kenya, assisting us in the development of our business with their extensive experience in developing creative start-ups. They are a good fit for our skillset, offer valuable insights, and add real value. We’re looking forward to expanding our partnership with them,” Chepkoit said.
Mia von Koschitzky-Kimani, Persistent’s chief venture builder, expressed her excitement to help the Ecobodaa team develop a leading e-mobility company in Kenya.
“We were blown away by the team’s dedication, local awareness, and accomplishments thus far. We believe that Kenya’s transportation electrification is on the verge of becoming a huge growth opportunity, thanks to a combination of strong renewable energy potential, a large boda boda market, a large number of people impacted by access to or earnings from boda bodas, and lower technology costs. Persistent is proud to be a catalyst for one of the industry’s most promising companies,” she said.
Ecobodaa intends to use the funds to accelerate its progress.
Read more on Tech Gist Africa: