Ampersand,
a Rwandan electric motorcycle manufacturer, has raised a $2 million Series A
extension to expand to other East African countries. It brings the company’s total
funding to $21.5 million.
The
funding saw a mixture of new and existing investors including AHL Venture
Partners, an Africa-focused venture fund, and Everstrong Capital, an
infrastructure investor constructing the Usahihi toll road connecting Kenya’s
capital Nairobi and the port city of Mombasa. Beyond Capital Ventures has
reinvested in a follow-up to its Series A equity commitment.
“This
additional investment will accelerate the rollout of our EV energy technology
and infrastructure to the mass market, bringing us closer to our goal of
deploying 5 million electric motorcycles by 2033,” said Josh Whale, Ampersand
CEO.
Founded
in 2016 by Joshua Whale, the Kigali-based firm assembles and finances
electric motorcycles. Ampersand claims that its motorcycles are 45% cheaper to
operate and produce 75% fewer emissions than petrol alternatives, which
currently dominate the market. The company also owns 18 charging stations in
Kigali and Nairobi.
The
funding shows a growing appetite among investors for renewable energy and
e-mobility investments. Africa has an estimated $4.87 billion motorcycle
market, according to Statista, a data and market insight firm.
The
new funding comes ahead of a Series B round to help the company ramp up its
production in Kigali and Nairobi.
“As
we look ahead to our upcoming Series B, we remain committed to reshaping how
Africa moves by delivering affordable, low-carbon transport solutions that also
drive green jobs and economic growth across the continent,” Whale said.
In
June 2024, Ampersand struck a deal with Chinese electric vehicle and
battery manufacturer BYD to build 40,000 electric motorcycles in Kenya and
Rwanda by the end of 2026.
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