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Africa’s electric vehicle (EV) energy tech company, Ampersand, has reportedly raised an additional US$21.5 million in equity funding over the past 12 months to electrify motorcycle transport across the continent.
The latest investments came from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor involved in constructing the Usahihi toll road between Nairobi and Mombasa.
Capital Ventures also reinvested as a follow-up to its Series A equity commitment, according to a report by Africa Business Communities.
These funds, raised ahead of Ampersand’s Series B, will support the company’s expansion in East Africa, where 100 million people use motorcycle taxi or delivery services, known locally as ‘boda bodas,’ every day.
Ampersand’s electric motorcycles are reportedly 45 percent cheaper to operate than petrol alternatives and produce at least 75 percent less emissions, making them a more sustainable option.
“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,” said Josh Whale, Chief Executive Officer of Ampersand.
The company stated that the additional investment would accelerate the rollout of its EV energy technology and infrastructure to the mass market, advancing its goal of deploying five 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,” Whale added.
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