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Kenya's Mondo Ride raises US$5m for Africa expansion

By , ITWeb
Kenya , 31 Jan 2018

Kenya's Mondo Ride raises US$5m for Africa expansion

Kenya's home-grown ride hailing mobile app platform Mondo Ride has revealed that its second round of financing added US$2 million to its coffers bringing its seed investment to a total of US$5 million.

Troels Andersen, CEO and Co-Founder of Mondo Ride says the money will help their ambitious plans for expansion on the continent as well as for further investment in Mondo Ride's proprietary technology platform.

"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 has also revealed that the latest fundraise was led by investors from the UAE and Egypt.

Ramesh Awtaney, Founder and Chairman of iSON Group, one of Mondo Ride's anchor investors, says the business has great prospects for success.

"Mondo Ride is one of the most exciting new technology businesses operating in the large and fast-growing ride hailing market in Africa and what 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."

Andersen has paid to tribute to its funders and iSON in particular as its funds continue to grow two years after its official launch in Nairobi.

"With a presence in more than 25 countries in Africa, iSON is an ideal partner as we continue to scale our business in Africa. We're excited to have a partner on board that provides us not only capital, but also vast strategic experience in our market."

Mondo Ride has experienced double-digit monthly revenue growth according to Andersen, and now has 6,000 drivers who have signed onto the platform.

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