Ethiopian EV Startup Dodai Closes $13M Series A to Scale Africa
A young Ethiopian startup is quietly building what many have failed to crack a practical, affordable electric vehicle ecosystem in an emerging market. Dodai has closed a $13 million Series A comprising $8 million in equity and $5 million in debt, with participation from Value Chain Innovation Fund, IPC, Nagase, Persistent ACV Fund, For Seasons, CBC, ICJ, and British International Investment (BII), the UK’s development finance institution.
Founded in 2023, Dodai’s model targets the real friction points holding back EV adoption across Africa. Rather than selling vehicles alone, Dodai builds and operates an integrated system of electric two- and three-wheelers backed by a battery swapping network that allows drivers to replace depleted batteries in minutes, removing the cost, reliability, and accessibility barriers that have historically limited EV adoption in emerging markets.
From Addis Ababa to the Continent
The Dodai Series A EV funding will drive an ambitious 12-month push. The company aims to reach 3,000 battery swapping users supported by 30 stations across Addis Ababa within the next year, with a three-year target of 30,000 users and 1,000 stations, before expanding into urban markets such as Abidjan, Kinshasa, Accra, and Dar es Salaam.
The traction behind that ambition is already real. In just two years, Dodai has deployed over 2,000 electric motorcycles, enabling more than 2,000 riders to earn a living. SVP Hilina Legesse called the round a reflection of investor confidence in the team’s ability to turn on-the-ground constraints into scalable solutions.
BII CEO Leslie Maasdorp described Ethiopia as one of Africa’s most compelling frontier markets for clean mobility, adding that the Dodai Series A EV funding would help build a stronger, more competitive urban economy by expanding access to affordable transport, creating jobs, and empowering local entrepreneurs.
For a continent where two- and three-wheelers dominate urban transport, Dodai’s bet is not just an EV play it is an infrastructure story with continent-wide implications.
