Mondo Ride, Africa’s leading ride hailing mobile app platform, has closed a second financing round of US $2 million, bringing the total seed investment to US $5m.
The latest fundraise was led by notable investors from the UAE and Egypt. Funds will be used to fund Mondo Ride’s continued expansion across Africa and further investment in its proprietary technology platform.
Troels Andersen, CEO and Co-Founder of Mondo Ride: “This funding round will enable Mondo Ride to provide even more rides for busy, active people across the fastest growing cities in Africa. We currently have operations in five cities across Africa, and plan to open six new cities by the end of 2018, significantly increasing ride numbers. We were overwhelmed with interest in the funding round and plan to take many of the positive engagements forward to the Series A round planned for H1 2018.”
“Mondo Ride is one of the most exciting new technology businesses operating in the large and fast-growing ride hailing market in Africa,” said Ramesh Awtaney, Founder and Chairman of iSON Group, one of Mondo Ride’s anchor investors. “What Troels and the Mondo Ride team have developed over the last two years is hugely impressive, and we’re excited to be working together to create an African market leader. Mondo Ride is a great example of the type of founder-led, operationally efficient business that we like to invest in.”
“With a presence in more than 25 countries in Africa, iSON is an ideal partner as we continue to scale our business in Africa,” said Troels Andersen. “We’re excited to have a partner on board that provides us not only capital, but also vast strategic experience in our market.”
Founded in Kenya, Mondo Ride is a home-grown African ride hailing business headquartered in Nairobi. Since officially launching its ride hailing business in January 2016, Mondo Ride has experienced double-digit monthly revenue growth and is now one of the leading ride hailing platforms in Kenya.
Mondo Ride provides an affordable, safe and reliable transport network that is localised for people in Africa. Mondo Ride’s app provides people and corporations access to multiple vehicle categories with over 6,000 drivers. Mondo Ride has offices in Nairobi, Mombasa, Cairo, Dubai, Dar Es Salaam, and India.