Ampersand, the Rwandan electric motorcycle startup, has secured a $2 million extension to its Series A funding, pushing its total capital raised to $21.5 million as it eyes expansion across East Africa. The investment round saw participation from new and existing backers, including AHL Venture Partners and Everstrong Capital, an infrastructure investor known for the Usahihi toll road project in Kenya. Beyond Capital Ventures also reinvested, following its earlier commitment to Ampersand’s Series A. The additional funds are set to accelerate the company's deployment of electric vehicle technology and infrastructure, with the goal of rolling out 5 million electric motorcycles by 2033, according to CEO Josh Whale. Founded in 2016 by Whale, Ampersand assembles and finances electric motorcycles that are reportedly 45% cheaper to operate and generate 75% fewer emissions than traditional petrol-powered bikes. The company currently operates 18 charging stations in Kigali and Nairobi. This funding round underscores a growing investor appetite for renewable energy and e-mobility in Africa, a continent where the motorcycle market is valued at approximately $4.87 billion, according to Statista. Ampersand is gearing up for a Series B round aimed at scaling up production in Kigali and Nairobi. In June, Ampersand announced a strategic partnership with Chinese electric vehicle and battery giant BYD to manufacture 40,000 electric motorcycles in Kenya and Rwanda by 2026. Whale emphasized the company’s commitment to providing low-carbon, affordable transportation solutions that drive economic growth and create green jobs across the continent.
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