Ethiopian EV startup Dodai has closed a US$13 million Series A debt and equity funding round to accelerate the rollout of electric motorbikes and battery swapping infrastructure.
Founded in 2023, Dodai is building and operating the infrastructure required to make electric vehicles (EVs) practical, affordable, and scalable in Ethiopia. It focuses primarily on electric two- and three-wheelers, and supports their use through a battery-swapping network that allows drivers to replace depleted batteries in minutes rather than waiting for long charging times.
By offering vehicles, batteries, and energy infrastructure as part of an integrated system, Dodai removes many of the cost, reliability, and accessibility barriers that have historically limited EV adoption in emerging markets.
The startup’s US$13 million Series A, which comprises US$8 million in equity and US$5 million in debt, includes participation from Value Chain Innovation Fund, IPC, Nagase, Persistent ACV Fund, For Seasons, CBC, and ICJ, alongside British International Investment (BII), the UK’s development finance institution.
With this new funding, Dodai is entering its next phase of growth. Over the next 12 months, the company aims to reach 3,000 battery swapping users supported by 30 battery swapping stations across Addis Ababa. Within three years, Dodai is building toward 30,000 users and 1,000 battery swapping stations across Addis Ababa, before expanding into other fast-growing urban markets across Africa such as Abidjan, Kinshasa, Accra, and Dar es Salaam.
“This investment reflects growing confidence from international investors in our team’s ability to turn real-world challenges into opportunities to solve. In just two years, we have deployed over 2,000 electric motorcycles, enabling more than 2,000 riders to earn a living. From overnight assembly to building operations from the ground up, every constraint became something we chose to take on and solve with our team and partners on the ground. We will now accelerate and scale this impact even further,” Hilina Legesse, SVP and head of corporate at Dodai, said.
Leslie Maasdorp, CEO of BII, said Ethiopia was emerging as one of Africa’s most compelling frontier markets for the clean mobility transition, where the right capital can unlock outsized impact and long-term value.
“BII’s investment will support Dodai to scale critical e-mobility and battery-swapping infrastructure and accelerate the development of a commercial market for electric motorbikes. By expanding access to affordable transport, Dodai is empowering entrepreneurs, creating jobs, and helping build a stronger, more competitive urban economy in Ethiopia,” said Maasdorp.
