Nigeria’s first bike-hailing startup, Gokada said it has raised $5.3 million to expand its rider network.
Gokada said the funding round was led by Rise Capital with participation from Adventure Capital, First MidWest Group, IC Global Partners and several local investors.
The timing of the funding round is interesting given the rise in competitive activities in the bike-hailing business.
Earlier today, we reported that ORide, another competitor has launched its operations with massive funding from Beijing-based investors. The startup will be a service in the OPay payment and lending app.
Gokada is expected to use its latest funding round to push its marketing activities given the pressure it will receive from new entrants such as ORide.