Ampersand Raises $2 Million to Accelerate East African Expansion

25 Sep 2024

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.

Play audio


Share:

Comments

No comments

Add your comment

Search Blog

Recent Posts

How Embedded Finance Is Changing Customer Expectations of Digital Banks Embedded finance is transforming the way consumers...
The Importance of Agile Methodologies for Startup Success In today’s fast-paced business landscape, where...
AI Will Power the Next Wave of Financial Inclusion, Says SANEF’s Uche Uzoebo As progress continues in enhancing financial inc...
Meta Rolls Out New Facebook Measures to Suppress Spam and Support Real Creators Meta has announced a series of new measures aime...
Provisioning-on-Demand Software Can Radically Reduce Wastage for MNOs By Craig Palmer, Chief Executive Officer at VAS-...

Related Post

Algeria Launches Specialized Funds to Support 20,000 Startups by 2029
Algeria is set to launch specialized investment funds aimed at overcoming financ...
Kenyan Purple Elephant Ventures Adds $500K to Its Seed Round
Nairobi-based tourism-focused venture studio Purple Elephant Ventures (PEV) has...
2025 THRIVE Global Impact Challenge: A $1 Million Opportunity for Innovative Startups
In a world where innovation is vital for creating a sustainable, equitable, and...
Logo

Accelerating the growth of Africa's tech ecosystem