Africa’s leading EV energy tech company, Ampersand, has raised further equity bringing the funding total raised in the last 12 months to $21.5 million, demonstrating continued investor appetite for the company’s approach to electrifying Africa’s millions of motorcycles.
The latest investments are from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road between Nairobi and Mombasa.
Beyond Capital Ventures has reinvested in a follow-up to its Series A equity commitment.
These additional investments, ahead of Ampersand’s Series B, will enable the company to continue its expansion in East Africa where 100 million people a day use motorcycle taxi or delivery services, called ‘boda bodas’.
The company’s electric motorcycles are 45 per cent cheaper to run than the petrol alternatives and produce at least 75 per cent less emissions, making them a compelling alternative.
“This latest funding is a testament to the strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector.
With continued urbanisation, our mission to electrify transport, cut carbon emissions and drive clean economic prosperity is more crucial than ever.’’Josh Whale, CEO, Ampersand, said.
“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.’’
“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.” he added.
Ampersand’s heavy duty commercial motorcycle fleet already covers 3,000,000 km per week in Kigali and Nairobi. Its AI-enabled smart battery technology allows drivers to seamlessly exchange their batteries within minutes at its network of ‘swap stations’, handling around 75,000 swaps every week.
Capital raised from the Series A round has been used to ramp up electric motorcycle and battery production, expand the company’s swap station network, and continue R&D on battery technology and software.
This latest funding round brings the total raised over the last 12 months to $14 million in equity and $7.5 million in debt.
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