DOB Equity, a Dutch family office and 49 per cent shareholder in ferry builder and operator Globology, has teamed up with Hooge Raedt Social Ventures (HRSV) to scale Globology’s fleet and increase the supply water transportation services around Lake Victoria in Kenya.
Globology builds and operates affordable, fast, and safe catamaran passenger ferries for the island communities on Lake Victoria.
With the initial support from DOB Equity, Globology has been able to design and build innovative water transportation from its jetty at Kisumu, Kenya, reaching over 500,000 passengers within two years of investment.
With the recent support from HRSV, Globology will be able to double its ferry fleet over the coming months.
Globology 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 Globology’s strategy has been to design and build low-cost, high-end and well-insured ferries. Globology is one of the very few local passenger transporters at Lake Victoria that has reached agreement and coverage from international insurance firms.
“The best thing about the Globology model is that it is scalable and a big win for Africa’s local transportation sector as it is fast, affordable and safe,” says CEO and co-founder Malcolm Ormiston. “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 says: “By improving the transportation and logistics sector in Kenya, Globology 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.”