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.
“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.
South African fintech startup Peach Payments has closed a $31 million Series A funding round for expansion.
The startup funding landscape in Africa in 2023 was a mixed bag of encouraging growth and cautious optimism amidst global economic headwinds.
The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both part of the World Bank Group, have joined forces with Morocco’s Tanger Med Port Complex in a significant expansion project for its truck and passenger terminal.
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