Kenyan ride-sharing app, Mondo Ride raises $5 Million and plans expansion into six African cities.
Kenya is fortunate to have several ride-sharing platforms, and one of them is Mondo Ride. Today, they have announced that they have closed a second financing round of $2 million (KES 204 million) for expansion.
This round of financing has apparently brought the total investment to $5 million (KES 510 million).
“Funds will be used to fund Mondo Ride’s continued expansion across Africa and further investment in its proprietary technology platform,” they said. This latest financing round was led by investors from UAE and Egypt, although they didn’t specify the actual investors.
Acording to Troels Andersen, CEO and Co-Founder of Mondo Ride said.“This funding round will enable Mondo Ride to provide even more rides for busy active people across the fastest growing cities in Africa,”.
Mondo Ride also revealed that they have been operating in some cities across Africa (Nairobi, Mombasa, Cairo and Dar Es Salaam) and they are planning to venture into six new cities in 2018. They also claim to have over 6000 drivers signed on their platform and have offices in India, Dar-es-Salaam, Nairobi, Dubai, Mombasa, and Cairo.
Mondo Ride was founded in Kenya and it is among the various ride-sharing platforms in the country. It launched in January 2016, which was a golden year for ride-sharing companies in Kenya as we saw the likes of Little (July 2016), Taxify (July 2016) entering the market after Uber (January 2015) and Mara Moja (2015).
This industry is quite competitive and we see the players launch new products to get more customers like Uber with their new uberCHAPCHAP offering and the likes of Taxify where they change their prices almost monthly.