Kenya’s Mobius Motors, the creator of the first cars specifically designed and manufactured for the African market has raised a new investment round of convertible debt led by Pan-African Investment Company (PIC) in a move that will see it complete its first production run of 50 Mobius II vehicles and establish a distribution base in Kenya.
The convertible debt financing was led by Richard Parsons and Ronald Lauder to help the firm release its initial production model, Mobius II, into the Kenyan market and establish its brand as a high quality carmaker building vehicles specifically designed for Africa’s mass market
“Mobius is re-imagining the car for Africa’s mass market and we are thrilled to gain the support of visionary investors such as PIC who see the social and commercial potential of our products across the continent,” said Joel Jackson, Founder & CEO of Mobius Motors. “In addition to the continued support of our existing investors, we are excited to apply the world-class business experience of Ronald Lauder and Richard Parsons to the future growth of Mobius in Africa.”
As part of the investment, Dana Reed, PIC’s CEO, will also seet on Mobius’ Board of Directors.
The firm, designs, manufactures and sells durable and affordable vehicles for Africa’s mass market. The rugged car is suitable for Africa’s degraded roads. The firm has received pre-orders for the Mobius II vehicles and is set to to begin the development of Mobius III, its next-generation vehicle to launch in 2016.
Mobius II is locally assembled in Kenya with the key functionality and durability of an off-road car, fit for travelling and carrying goods for long distances on bumpy dirt roads and will retail at KES 950,000 in Kenya. Mobius aims to empower transport entrepreneurs across Africa not just with more appropriate vehicles, but with the financing and business advice needed to operate a sustainable transport centric business. In short, Mobius is building a revolutionary platform for mobility while promoting job growth in Africa with each new car built and serviced.
According to Dana Reed, CEO of PIC, “Joel Jackson has built a world class team of managers and operators from the industry including the Head of Engineering and the Purchasing Manager from two global car makers as well as a team of product and engineering managers from Kenya with deep experience in the African motor industry. The Mobius vehicles will create a transport platform empowering local entrepreneurs and villagers. PIC is pleased to be working with Mobius to help create value in the company while driving job growth and entrepreneurism in Kenya.”