The investment includes new capital from British International Investment (BII)—the UK’s development finance institution—alongside equity from Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, and Raspberry Syndicate. Existing backers such as Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and TotalEnergies have also increased their support.

The additional funds will be used to expand Ampersand’s fleet of electric motorcycles, bolster its battery-swap network, and enhance charging infrastructure throughout the region.

Josh Whale, Ampersand’s CEO, described the funding as “a strong endorsement of our vision to electrify the most widely used mode of transport in Africa.”

He added that, with this support, Ampersand plans to double its battery fleet by early 2026.

Once achieved, the company expects to facilitate more than 35,000 battery swaps a day—empowering thousands of drivers with a cleaner, more economical alternative to petrol motorcycles.

Seema Dhanani, BII’s Regional Director for East Africa, highlighted that “electric mobility can drive inclusive, low‑carbon growth in the region.”

Dhanani noted that BII’s investment underscores its dedication to funding climate solutions that support livelihoods, cut emissions, and position Africa at the forefront of sustainable transport.

Maxime Bouan, General Partner at Seedstars Africa Ventures, emphasized three key reasons for backing Ampersand: a proven product, a capital-efficient business model, and an experienced team able to operate successfully in emerging markets.

He praised Ampersand’s locally adapted electric motorcycles and its commercial rollout across East Africa.

Guilhem Dupuy, Partner at Gaia Impact, called Ampersand “a pioneering, fast-scaling leader in Africa’s electric mobility space.”

He noted the company’s commercial traction, customer focus, and strong technology platform, especially its ability to transform batteries into bankable assets—something rarely seen in the energy sector until recently.