SafeBoda has exited Nigeria after securing funding from Yamaha Motor Company and existing investors to double down on profitability by enhancing its core transportation operations in Uganda.
“SafeBoda has closed funding of an undisclosed amount from Yamaha Motor Company and existing investors, including Unbound, Allianz X, and JAM Fund. SafeBoda is excited to partner with Yamaha, a global leader in transportation, to deepen its focus on its core value proposition to the community of drivers and passengers,” the company said in a statement.
The funding round will enable SafeBoda to focus on bringing the company to profitability by deepening its core transportation while continuing to build its payments and financial services in Uganda.
In the newly launched profitable business, SafeCar has seen +40% weekly growth since launching the service in early September.
“Unfortunately, SafeBoda has also made the tough decision to shut down its Nigeria operations in Ibadan, effective December 2022.”
While it has completed over 5 million safer rides in the city, improving the okada industry, the sector in its current state is not economically viable and unfortunately requires significant investment at this challenging time in the global economic landscape.
“The team in Nigeria, past and present, should be proud of what they built over the past two and a half years. SafeBoda brought an innovative solution that challenged the status quo and brought road safety and technology to the okada community. SafeBoda would like to thank the community of okada drivers that helped found and grow the community; you can be forever proud of what you achieved.”