Senegal: Kai attracts investment from Mobility 54 Investment SAS

Mobility 54 Investment SAS (Mobility54) is the CVC corporate venture capital arm of Toyota Tsusho Corporation and CFAO SAS which took part in a Pre-series A seed funding round of Kai Senegal (YEEG SAS).

Kai Senegal was founded in 2018 and offers three main services. First, a fleet management solution that requires buying and maintaining quality vehicles. Secondly, a digital ride-hailing app connecting drivers with their customers. Finally, a financing scheme that converts taxis into an investment class for private owners and other institutional investors buying cars as assets.

Kai looks to centralize the highly fragmented market and renew the vehicle fleet to offer corporate clients and private individuals good quality transportation at a good price. Kai ride-hailing app allows for transparent pricing and efficient pick-up service. The company plans to expand past Senegal into the rest of West Africa.

Senegal’s taxi industry operates traditionally where the share of informal taxis grew from less than a third in 2000 to over half of the market today. The current fleet of taxis is aged, lack transparent fare systems while price sensitivities remain high preventing premium proposals that attract the growing middle class. On the supply side, the drivers do not own the vehicles creating an oversight dilemma for their owners.