EV energy tech company, Ampersand, has raised further equity bringing the funding total raised in the last 12 months to $21.5 million.
Amperstand’s approach to electrifying Africa’s millions of motorcycles have gained the interest of several investors including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road between Nairobi and Mombasa, who participated in this round.
Beyond Capital Ventures has also reinvested in a follow-up to its Series A equity commitment.
These additional investments, ahead of Ampersand’s Series B, will enable the company to continue its expansion in East Africa where 100 million people a day use motorcycle taxi or delivery services, called ‘boda bodas’.
The company’s electric motorcycles are 45% cheaper to run than the petrol alternatives and produce at least 75% less emissions, making them a compelling alternative.
Josh Whale, CEO, Ampersand, said: “This latest funding is a testament to the strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector. With continued urbanisation, our mission to electrify transport, cut carbon emissions and drive clean economic prosperity is more crucial than ever.
“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033.
“As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent.”
Ampersand’s heavy duty commercial motorcycle fleet already covers 3,000,000 km per week in Kigali and Nairobi. Its AI-enabled smart battery technology allows drivers to seamlessly exchange their batteries within minutes at its network of ‘swap stations’, handling around 75,000 swaps every week.
Sebastian McKinlay, head of New Investments, AHL Venture Partners, commented: “Ampersand’s performance shows the transformative power of innovative business models in addressing environmental challenges and economic opportunities simultaneously – a perfect example of the ‘green discount’ of transitioning to a low carbon economy whilst saving customers money.
“Ampersand’s work in electrifying one of the most common forms of transportation in East Africa is proving to be a game-changer and will displace billions of dollars of fuel imports to East Africa each year. We are pleased to be supporting Josh, Alp and the whole team who have executed their strategy admirably, and thrilled to support Ampersand’s journey to expand their operations and continue to lead the way in sustainable transportation.”
Eva Yazhari, managing partner, Beyond Capital Ventures, said: “Ampersand’s comprehensive approach to e-mobility in Africa exemplifies exactly the type of highly scalable solution Beyond Capital Ventures seeks to invest in. Among the e-mobility companies we evaluated, Ampersand stood out for its robust technology, strong market traction, and clear vision for transforming transportation networks across the continent.
“We view Ampersand as a climate and infrastructure play and by backing Ampersand, BCV’s primary goal is to contribute to increased economic development and the growth of capital markets in the region.
“This investment has the potential to deliver substantial environmental benefits, improve livelihoods for thousands of drivers, and demonstrate the incredible opportunity to invest in ventures led by conscious leaders in emerging markets. In addition to being a strong portfolio contributor, I believe that Ampersand’s success will attract further investment to Africa, something we care deeply about at BCV.”
Phil Dyk, founder and managing partner, Everstrong Capital, said: “We chose to be part of Ampersand’s growth capital because we found that commercial boda boda riders wanted Ampersand’s bikes for their strength, design and battery swapping convenience — not to mention that Ampersand is an early entrant to the electric motorcycle markets in Rwanda and Kenya.”
Capital raised from the Series A round has been used to ramp up electric motorcycle and battery production, expand the company’s swap station network, and continue R&D on battery technology and software. This latest funding round brings the total raised over the last 12 months to $14 million in equity and $7.5 million in debt.
