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.