Uganda-based Zembo raises $3.4M from Toyota, others
Uganda-based Zembo has raised $3.4 million from investors like Mobility 54 Investment SAS (corporate venture capital subsidiary of Toyota Tsusho Corporation and CFAO group), DOB Equity, and InfraCo.
Zembo co-founder Étienne Saint-Sernin stated, “We’re excited to partner with impact-focused institutions like InfraCo Africa, DOB Equity, and Mobility 54 to continue developing electric boda bodas (motorcycles) and charging stations for our customers.” He added, “Zembo’s mission to improve incomes for Uganda’s boda boda riders while cutting air pollution is shared by our supporters and is a driving force for this partnership. We look forward to continuing to serve our customers and making sustainable mobility a reality in Uganda.”
Commenting on the investment, Mobility 54 said, “Mobility 54’s investment in Zembo envisions to accelerate the carbon neutrality in Africa by electrification of the mobility industry. Toyota Tsusho and CFAO group will contribute to deploy Zembo’s business in Africa by leveraging the group’s automotive footprints throughout the continent.”
Founded in 2018, the company offers electric motorcycles through a ‘lease-to-own program’. Furthermore, Zembo also handles a network of solar charging and battery swapping stations across the country.
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