New Investments

Kenyan Electric Vehicle Startup Roam Raises $24 Million to Accelerate African Expansion

Kenyan electric vehicle (EV) startup, Roam (formerly Opibus), has secured $24 million in combined debt and equity funding to fuel its expansion across Africa.

This significant investment will go towards scaling up production, optimizing supply chains, and driving the transition to sustainable transportation on the continent.

Founded in 2017, Roam is a leading provider of locally designed and manufactured electric motorcycles and buses.

The company has a clear vision: to create reliable and cost-effective EVs tailored for the pan-African mass market.

Building upon its earlier $7.5 million funding in 2021, this latest raise bolsters Roam’s mission to revolutionize African transportation with innovative products designed specifically for the continent’s needs.

The financing round consists of a $14 million Series A equity investment led by Equator Africa, alongside contributions from prominent investors like At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

Additionally, a $10 million debt commitment from the US government’s Development Finance Corporation (DFC) strengthens the company’s financial position.

Roam’s product portfolio encompasses the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), and Roam Move (electric urban transit bus), along with supporting energy and public charging systems.

“As Africa embraces the electric vehicle revolution, we are proud of our contribution to a cleaner environment and improved livelihoods across Kenya and the continent,” said Rajal Upadhyaya, CFO of Roam.

“This funding is a crucial step in achieving our strategic objectives to scale up production and deliver greater utility to our customers.”

Nijhad Jamal, partner at Equator Africa, shared his firm’s enthusiasm for Roam’s vision. “Roam’s innovative platform is at the forefront of transforming African mobility towards efficient, accessible, and sustainable solutions.”

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