Kenyan-based electric mobility pioneer, Roam, has raised $24 million Series A funding in equity and debt led by Equator Africa and includes investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors.
Through the International Development Finance Corporation (DFC), the U.S. Government will provide Roam with an up to US$10 million debt facility.
Rajal Upadhyaya, CFO of Roam, expressed gratitude for the investor support, saying, “As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers.”
Roam provides a greater flexibility and the option of battery ownership to its riders and allows users to charge their batteries at a standard household outlet and significantly reduces their cost of operations whilst increasing the ability to travel longer distances. The firm is also increasing the utility of its motorcycles to riders through the deployment of Roam Hub stations – which are multi-purpose open-architecture electric motorcycle charging stations that offer a wide array of after-sales services including the option to rent additional batteries for a flexible period.
The company prioritizes innovative design and local engineering to create products that positively impact the lives of East Africans. Roam’s business segments include the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), Roam Move (electric urban transit bus), as well as energy and public charging systems.
Funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling up production at the new 10,000 sqm Roam Park facility, investing in research and tooling for cost efficiencies, and streamlining local and global supply chain networks. These efforts align with Roam’s long-term goal of transitioning the transport sector across Africa to effective and affordable electric vehicles, leveraging locally sourced parts and existing large-scale manufacturing infrastructure. To date, the company has managed to capture or mitigate over 120,000 tonnes of carbon emissions, marking a significant milestone in its commitment to innovative electric transport solutions.