New Investments
E-Motorcycle Maker Ampersand Raises $2 Million to Expand East African Electric Motorcycle Market
The fresh capital will be used to expand the company’s operations into other East African countries.
Investors in the funding round included AHL Venture Partners, Everstrong Capital, and Beyond Capital Ventures.
The investment will support Ampersand’s goal of deploying 5 million electric motorcycles by 2033.
“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market,” said Josh Whale, Ampersand CEO.
“We are closer than ever to achieving our goal of providing affordable, sustainable transportation solutions to millions of people across East Africa.”
Founded in 2016, Ampersand assembles and finances electric motorcycles in Rwanda. The company’s motorcycles are claimed to be 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives.
Ampersand is now preparing for a Series B funding round to further scale its operations and increase production in Rwanda and Kenya.
The company recently announced a partnership with Chinese electric vehicle manufacturer BYD to build 40,000 electric motorcycles in these countries by the end of 2026.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Moroccan Startup Enakl Secures $1.4 Million pre-Seed Funding to Revolutionize Urban Mobility
Moroccan urban mobility startup Enakl has raised $1.4 million in pre-seed funding to advance its mission of offering safer, smarter, and sustainable collective transport solutions for daily commutes, both locally and internationally.
EIB Global and Family Bank Launch €100 Million to Support Women and Youth-Led Businesses in Kenya
The European Investment Bank’s development branch, EIB Global, and Kenya’s Family Bank have announced a major partnership to provide €100 million (approximately KES 14.7 billion) in funding to support small and medium-sized businesses (SMEs) in Kenya.
ARC Ride Raises $5 Million in Funding from BII to Expand Electric Motorbikes in Kenya
British International Investment (BII) has committed $5 million in funding to ARC Ride to boost the adoption of electric motorbikes in Kenya.
