Google has unveiled the first of its Africa Investment Fund investments. This first investment is in SafeBoda, a venture-backed company with investors such as GoVentures (GoJek), Allianz X, Unbound, Beenext, and Justin Kan. It will help SafeBoda scale its transportation-led app to offer new payment and financial services solutions for its expanding set of customers: passengers, drivers, and merchants in Uganda and Nigeria.
SafeBoda has also collaborated with a number of organizations, including the Shell Foundation, the United Nations Capital Development Fund (UNCDF), UN Women, and the Global Road Safety Partnership, to make a difference in road safety and financial inclusion.
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“SafeBoda welcomes Google to their community and are excited to continue to drive innovation in informal transportation and payments in the boda boda (motorcycle taxi driver in East Africa) or okada (West Africa) industry.
“As a former boda driver in Kampala, I know that we are the lifeblood of Africa’s cities, and we power economic development. SafeBoda is thrilled that leading global companies such as Google see the importance of backing start-ups working towards these goals,” stated one of the Safe Boda co-founders, Ricky Rapa Thomson.
Safe Boda co-founder Ricky Rapa Thomson
Speaking at the launch, Managing Director for Google in Africa Nitin Gajria conveyed: “I am thrilled about our first investment from the $50M Africa Investment Fund that we announced two months ago . This is part of our ongoing commitment to tech startups in Africa. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and entrepreneurs. We look forward to announcing subsequent investments in other startups.”
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The Africa Investment Fund is part of a larger strategy to invest $1 billion in Africa’s digital development over the next five years. Google will invest $50 million startups through this fund and provide them with access to Google’s people, network, and technologies in order to assist them in creating impactful products for their communities.
According to Partech Ventures Africa, Africa has 700,000 developers and venture capital funding for companies has declined in 2020 compared to 2019, with a record $4 billion in equity funding secured in 2021.
SafeBoda was founded in 2017 to connect passengers with a community of safer and trusted drivers. Since then, the company has grown to serve over 1 million customers, expanding its transportation-focused super app to include rides, parcel delivery, food and shop, payments, savings, and other financial services.
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It ceased operations in Kenya in the year 2020.
Safeboda funding Safeboda funding
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer