Ampersand, a Rwandan EV energy tech company, has raised additional funding, bringing its total funding raised in the past 12 months to US$21.5 million.
Additional funds of an undisclosed sum have been added to the $19.5 million that the company raised in January of this year. AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor building the Usahihi toll road between Nairobi and Mombasa, have contributed US$21.5 million to Ampersand’s fundraising total over the past 12 months. In addition to its Series A equity commitment, Beyond Capital Ventures has made more investments.
The company will be able to continue growing in East Africa, where 100 million people use motorbike taxi or delivery services, known as “boda bodas,” thanks to these fresh investments made ahead of Ampersand’s Series B. The company’s electric motorbikes are a strong substitute for gasoline-powered bikes since they are at least 75% less polluting and require 45% less fuel.
Founded in 2016, Ampersand assembles and finances electric motorcycles that outperform the five million gasoline motorcycle taxis now in use throughout East Africa and are less expensive to purchase and operate.
“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 urbanization, our mission to electrify transport, cut carbon emissions, and drive clean economic prosperity is more crucial than ever,” said Josh Whale, CEO of Ampersand.
The number of Ampersand’s fleet has increased to over 1,000 since its commercial launch in May 2019 and is predicted to reach over 10,000 by late 2024.
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