Dutch family office, DOB Equity, is upping its support for Globology, by teaming up with Hooge Raedt Social Ventures to help the water transportation services company scale its fleet and double its capacity to transport people on Lake Victoria.
While terms of the transaction were not disclosed, DOB Equity already held a 49% stake in Globology following its initial support of the company in 2013. Since then, the company has grown rapidly and now provides services to more than 500,000 passengers from its jetty at Kisumu. The impact of the services in unlocking economic activity in the region is considerable.
In addition to providing its customers with safe, affordable service, Globology is one of the only water transportation services on the lake to have reached agreement and coverage from international insurance firms.
“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,” commented Joris de Vries from HRSV.” This fits perfectly with our goal to invest in companies that ostensibly improve the lives of people in underserved communities.”