Google‘s new $50 million Africa fund has made its first investment, backing SafeBoda, an app-based motorcycle ride-hailing, delivery and financial services business based in Uganda. The size of the investment along with the other financial details of the transaction has not been made available, although Tech Crunch reports that the startup has raised $20 million since it launched in 2014.
SafeBoda will use the capital to support its expansion plans within its two major markets, Uganda and Nigeria. Starting out as a ride-hailing service, the firm has now expanded its offering to include deliveries, food, and grocery pickups as well as adding payments, savings, and other financial services offerings. To date, the company has recruited 25,000 drivers and fulfilled 40 million orders.
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