The Africa Investment Fund, which was created by Sundar Pichai, CEO of Google and Alphabet, at Google for Africa in October, has made its first investment. Safeboda, a Ugandan bike-hailing firm, received the undisclosed money.
GoVentures (GoJek), Allianz X, Unbound, Beenext, and Justin Kan are among the venture-backed stakeholders in Safeboda. SafeBoda’s expansion in Uganda and Nigeria will be aided by Google’s investment, which will allow the company to scale its transportation-focused app to provide new payment and financial services to its growing audience, including passengers, transporters, and traders.
SafeBoda released its app in 2017 to link customers with their group of safe, secure and trusted drivers. Ever since, SafeBoda has developed to accommodate over 1 million users, expanding its transportation-led super app to take trips, delivery service, meals and store, transactions, savings, and other financial services.
The Africa Investment Fund is part of Google’s larger ambition to invest $1 billion in digital transformation in Africa within the next five years. Google will invest $50 million in specific businesses and give them better accessibility to Google’s staff, infrastructure, and technology in order to help them produce products that will have a positive impact on local regions.
Till now, Google has trained approximately 6 million people in 25 African countries, with over 60% of individuals seeing career and/or business advancement as a result of their participation. Google has also invested about $16 million in over 50 organizations throughout Africa, allowing hundreds of millions of Africans to surf the web for the very first time using Android device.