Ethiopian startup Zaytech IT Solutions, the developer of taxi-hailing product ZayRide, has secured a seed funding round from local and international investors in order to roll out new products and enter new markets.
Founded in 2016, Zaytech provides technology and transportation solutions under its brand name ZayRide, which has an expansive network of vetted, safe and trained taxi drivers across Addis Ababa for both corporate and individual customers.
It recently added delivery services to its platform and will be adding ambulance services in 2019. It also plans to launch new products and expanding its tech outsourcing team following the investment.
The company said the funding would provide it with the necessary financing to get started with its ambitious growth plans, enabling it to launch additional complementary products in Ethiopia, expand market penetration and increase its talent pool significantly as it plans to roll out further products and enter new markets in the coming months.
“I am very pleased to welcome our new investors who have a wealth of experience in launching and scaling up tech companies globally and know the Ethiopian market very well as they guide us in our growth strategy,” said Habtamu Tadesse, founder and chief executive officer (CEO) of Zaytech.