Mbay Mobility is seeking risk capital

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Senegalese EV startup Mbay Mobility aims to raise over $620,000 from angel investors ahead of its Seed Round planned for 2026. The company has raised $463,000 from angel investors and seeks to raise another $160,000. Mbay says it has sold 37 EVs and is projecting $660,000 in revenue this year. It also expects to receive $550,000 from customers.  

• Mbay plans to use the funding to expand into new markets: Ivory Coast, Togo, Benin, Cameroon, Gabon and Congo Republic. It plans to capture a big share of the estimated $4.5 billion taxi market in those countries combined.  

• The startup’s revenue shows that EV sales and leasing models are generating meaningful cash flows even at small scale, also demonstrated by startups in other markets like Kenya, Morocco and South Africa.  

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