DOB Equity teams up to scale Waterbus
Press release – December 8, 2016
DOB Equity teams up with international partners to further scale Waterbus, a ferry builder and operator at Lake Victoria
Over 500,000 commuters have used Waterbus’s safe and affordable water transportation at Lake Victoria
New investment will double company’s capacity to connecting people and unlocking economic activity in the region.
DOB Equity, a leading Dutch family office and a 49% shareholder in Waterbus, has teamed up with Hooge Raedt Social Ventures BV (“HRSV”) to scale its fleet and increase the supply of safe and affordable water transportation services around Lake Victoria.
Waterbus builds and operates affordable, fast, and safe catamaran passenger ferries for the island communities on Lake Victoria. With the initial support from DOB Equity, Waterbus has been able to design and build innovative water transportation from its jetty at Kisumu, Kenya, reaching over 500,000 passengers within 2 years of investment. With the recent support from HRSV, Waterbus will be able to double its ferry fleet over the coming months.
Waterbus has also entered into a partnership with an independent international charity, on a small pilot to build its customer offer and understand potential to scale this solution across Lake Victoria.
DOB Equity says Waterbus’s strategy has been to design and build low-cost, high-end and well-insured ferries. Waterbus is one of the very few, if not the only local passenger transporter at Lake Victoria, that has reached agreement and coverage from international insurance firms, and that provides high quality services by well-trained ferry captains.
“The best thing about the Waterbus model,” says its CEO and co-Founder Malcolm Ormiston, “is that it is scalable and a big win for Africa’s local transportation sector as it is fast, affordable and safe. It allows people to easily travel to the shores around Lake Victoria, it enables them to increase economic activity around the area and it connects well to other forms of transportation around the lake. To be able to build and grow such a fleet of ferries with the backing of DOB Equity and like-minded investors like HRSV is a huge advantage.”
Joris de Vries of HRSV comments: “By improving the transportation and logistics sector in Kenya, Waterbus will help connect the island communities with the rest of rural and urban markets around the Lake, causing a substantial boost in regional economy. This fits perfectly with our goal to invest in companies that ostensibly improve the lives of people in underserved communities.”
ENDS
About DOB Equity
DOB Equity is a leading Dutch family office investing in impactful, innovative and scalable businesses in East Africa. DOB Equity has offices in Nairobi, Dar es Salaam and in the Netherlands.
About HRSV
Hooge Raedt Social Ventures BV is a Dutch impact investor focusing on investment opportunities in East Africa with the aim to empower underserved people. HSRV keeps office in Netherlands.
Press enquiries
Janny Fidder
DOB Equity
Tel: +31 (0)578631111