SafeBoda, Uganda-based ride-hailing firm, has raised an undisclosed Series B funding round from Indonesia’s ride-hailing firm GOJEK and Allianz X, the digital investment arm of global insurance group Allianz.
Launched in July last year, Kampala-based SafeBoda offers on-demand ride-hailing services in Uganda and Kenya. In addition, it offers various on-demand consumer and payment services.
It has previously received a convertible note investment from London-headquartered Global Innovation Fund. It was also rumoured to have raised $1.1 million in funding last year although the company has never confirmed this.
Boda bodas is the term used in East Africa for motorcycle taxis. These are the main form of public transport in Uganda and Kenya. SafeBoda was co-founded by a Ugandan bike-taxi driver and two European economists.
It competes with Taxify Boda, Savvy Riders, Juu Boda and Uber in Kenya. At home, its rivals include Uber, Taxify Boda, Dial Jack (only bikes), Little Ride (cars) and Mondo Ride (cars and bikes).
“Our investment in SafeBoda underlines our continued commitment to growth markets. We are excited to participate in the development of ride-hailing ecosystems in Africa,” said Oliver Ullrich, Corporate Development Director at Allianz X, in a statement.
The deal is the first investment in Africa for Allianz X. Allianz X is an existing GOJEK investor.