Mondo Ride Secures $2m in funding to Cater for Expansions in Africa
Kenya’s own made and grown Mondo Ride has secured the bags, Mondo Ride is a ride-hailing mobile app platform, launched in January 2016, which was a golden year for ridesharing companies in Kenya as we saw the likes of Little (July 2016), Taxify (July 2016) entering the market after Uber (January 2015).
Today, they have announced that they have closed a second financing round of $2 million (KES 204 million) for expansion.
“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 fundraising 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.
“This funding round will enable Mondo Ride to provide even more rides for busy active people across the fastest growing cities in Africa,” Troels Andersen, CEO, and Co-Founder of Mondo Ride said.
