Ampersand, Rwanda’s electric mobility startup with operations in Rwanda and Kenya has secured new equity investment from AHL Venture Capital and Everstrong Capital and reinvestment from Beyond Capital, bringing the total funding raised in the last 12 months to $21.5 million.
The $2 million additional investment, is ahead of its Series B, and will help the firm to continue its expansion in East Africa where 100 million people a day use motorcycle taxis and couriers or ‘boda bodas’. Ampersand says its electric motorcycles are 45% cheaper to run than the petrol alternatives and produce at least 75% less emissions, making them a compelling alternative.
According to Ampersand CEO, Josh Whale: “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.”
“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,” he added.
In December 2023, TechMoran reported that Ampersand had raised $19.5 million in funding to bolster its electric motorcycle battery production, expand the swap station network, and accelerate Research and Development (R&D) on battery tech, software, and swap systems. Earlier, Ampersand had raised $3.5 million from the Ecosystem Integrity Fund (EIF) to rapidly scale its electric motorcycle and swap station network in Rwanda, the largest ever e-mobility investment by a venture capital fund in Sub-Saharan Africa and marks a turning point in global electric transport. It had also previously scored another $9 million in November to develop its operations in Rwanda and Kenya.
Formed in 2016, the firm assembles and finances electric motorcycles that cost less to buy and operate and has since grown its fleet to over 1,700 in size and is expected to exceed 10,000 this year.
The electric motorcycles are estimated to be 45 percent cheaper to run than the petrol alternatives and produce at least 75 percent less emissions, making them a compelling alternative. Ampersand will use the additional investment to accelerate the rollout of its EV energy technology and infrastructure to the mass market, bringing it closer to its goal of deploying five million electric motorcycles by 2033.