Ampersand, Africa’s leading EV energy technology company, has secured additional equity investments, bringing the total funding raised in the last 12 months to US$21.5 million.
This new capital injection highlights strong investor confidence in Ampersand’s mission to electrify Africa’s vast motorcycle fleet.
The latest investments come from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor currently constructing the Usahihi toll road between Nairobi and Mombasa. Beyond Capital Ventures, which previously participated in Ampersand’s Series A round, has also reinvested.
These funds will support Ampersand’s ongoing expansion in East Africa, where motorcycle taxi and delivery services, known as ‘boda bodas’, are used by 100 million people daily. Ampersand’s electric motorcycles, which are 45% cheaper to operate than their petrol counterparts and produce at least 75% fewer emissions, offer a compelling alternative for the region.
“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,” said Josh Whale, CEO of Ampersand. “With continued urbanization, 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 five million electric motorcycles by 2033.”
Ampersand’s current fleet of heavy-duty commercial motorcycles already covers 3 million kilometers per week across Kigali and Nairobi. The company’s AI-enabled smart battery technology allows riders to exchange their batteries within minutes at its network of swap stations, which handle approximately 75,000 swaps every week.
Sebastian McKinlay, Head of New Investments at AHL Venture Partners, praised Ampersand’s impact on both the environment and the economy. “Ampersand’s performance shows the transformative power of innovative business models in addressing environmental challenges and economic opportunities simultaneously. 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.”
Eva Yazhari, Managing Partner at Beyond Capital Ventures, echoed these sentiments, emphasizing the scalability and impact of Ampersand’s approach. “Ampersand’s comprehensive approach to e-mobility in Africa exemplifies exactly the type of highly scalable solution Beyond Capital Ventures seeks to invest in. 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.”
Phil Dyk, Founder and Managing Partner at Everstrong Capital, highlighted the practical benefits of Ampersand’s electric motorcycles, noting that “commercial boda boda riders wanted Ampersand’s bikes for their strength, design, and battery-swapping convenience.”
The capital raised from the Series A round has already been utilized to scale up electric motorcycle and battery production, expand the swap station network, and continue R&D on battery technology and software. The latest funding round, which includes $14 million in equity and $7.5 million in debt, will further Ampersand’s efforts to lead the transition to sustainable transportation in Africa.
