Ugandan transport startup SafeBoda has raised an undisclosed Series B funding round to help it deepen its platform and expand to new markets.
On-demand transport app SafeBoda connects passengers with motorcycle taxi drivers, while also offering additional financial services.
The startup, which launched in Kenya last year and is preparing to do the same in Nigeria following the appointment of a country manager, raised a US$1.1 million funding round last year and has now secured further investment in a round led by Allianz X, the digital investment unit of international financial services provider Allianz Group.
This is Allianz X’s first investment in an African-headquartered company, and sees the firm co-invest with Go-Ventures, a venture fund whose cornerstone investor is GO-JEK. Allianz and GO-JEK are already partners in GO-JEK’s home market of Indonesia.
Alastair Sussock, co-chief executive officer (CEO) and co-founder of SafeBoda, said the startup was excited to have Allianz X join its investor group, particularly as it deepens its platform and adds a number of important fintech services for drivers and passengers.
“We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa,” he said.
Allianz X corporate development director Oliver Ullrich said the investment in SafeBoda underlined his firm’s continued commitment to growth markets.
“We are excited to participate in the development of ride hailing ecosystems in Africa,” he said. “SafeBoda has successfully established itself in the ride hailing market in Uganda and we look forward to supporting the company’s expansion into additional countries and services.”
Allianz intends to leverage its regional presence and capabilities, working with SafeBoda to transform transportation, logistics, and payment sectors in Africa.
“SafeBoda is a promising startup with substantial growth potential, including the development of relevant financial services and insurance products,” said Coenraad Vrolijk, CEO of Allianz Africa. “We look forward to our strategic collaboration and to being part of SafeBoda’s success story.”