Zembo nabs $3.4 million from Toyota, DOB Equity and InfraCo Africa to grow its motorcycle startup in UgandaMobility 54 Investment SAS, a corporate venture capital subsidiary of Toyota Tsusho Corporation and CFAO group, DOB Equity and InfraCo Africa have invested $3.4 million (€3 million) in electric motorcycle startup Zembo to help it grow its business. Zembo, a French startup with operations in Uganda, was founded in 2018 and sells electric motorcycles through a lease-to-own program. “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,” said Zembo co-founder, Étienne Saint-Sernin. Zembo assembles the electric motorcycles in Uganda and works with external financial institutions to sell them through rent-to-own plans. Reports, however, show that electric mobility in Africa is nascent even as opportunities remain vast, especially if the infrastructure to support its adoption is built.

Source: The North Africa Journal November 12, 2021 21:08 UTC