Grace Ashiru
Amidst the UNGA Climate Week, Beyond Capital Ventures has revealed a fresh investment in Ampersand E-Mobility, an African company specializing in electric motorcycles and transport energy solutions. Ampersand has notably progressed in providing East Africa’s significant taxi motorcyclist community with an economically viable electric motorcycle. This advancement enhances the user experience without necessitating major changes from customers.
Ampersand’s approach, which emphasizes a triple-bottom-line, sets it apart within Beyond Capital’s portfolio. The substantial environmental benefits include a reduction of 2.5 tons of CO2 emissions yearly for every motorcycle. Individually, customers experience about $1,000 in annual savings, catalyzing significant life transformations. Beyond Capital Ventures’ investment has propelled Ampersand to amplify its scale to 1,350 motorcycles on the streets and a 36% gross margin. As they expedite their shift to electric mobility, the company envisions further expansion, possibly branching into additional markets.
The recent investment in Ampersand builds upon the company’s earlier funding from AlphaMundi Group (AMG). AMG had invested $1 million to bolster Ampersand’s commitment to delivering cost-effective and environmentally friendly mobility solutions throughout East Africa. This support from AMG has enabled Ampersand to grow its motorcycle fleet and increase its battery swap stations in both Rwanda and Kenya.
In addition to AMG’s investment, Ampersand has also benefited from financial contributions from various organizations such as StartupBootcamp, FactorE Ventures, Ecosystem Integrity Fund, TotalEnergies Venture arm, the Rwanda Green Fund, USAID’s Development Innovation Ventures, Shell Foundation, the UK FCDO’s Frontier Technology Livestreaming fund, the New Zealand Government, and a loan from Blue Haven Initiative’s Catalytic Fund.
Daniel Silva, an Investment Manager at AlphaMundi Group, shared his excitement about teaming up with Ampersand. He underscored the firm’s promising ability to offer motorcycle taxi and delivery drivers a cost-effective and productive asset while promoting a greener future in transportation. Josh Whale, Ampersand’s Founder and CEO, accentuated the critical need for the electrification of East Africa’s motorcycle taxis, especially following COP27, stressing the immediacy of brave and groundbreaking steps.
Positioned in Kigali, Rwanda, Ampersand emerges as Africa’s leading integrated electric motorcycle and transport energy solution provider. Their model is built around a widespread network of battery swap stations and a unique fleet of electric motorcycles all efficiently managed through a comprehensive app and software backend. Since their market introduction in 2019, Ampersand’s electric bikes have traversed over 20 million kilometres by 2022, resulting in a 41% surge in daily earnings for motorcycle operators and a notable decline in carbon emissions.
Established in 2008, AlphaMundi Group Ltd has consistently been an active player in impact investing, directing its efforts towards AMG’s investment in Ampersand. The organization has committed over USD 110 million to 57 impact ventures in Latin America and Africa, predominantly via the SocialAlpha and AlphaJiri impact investment funds. These financial commitments covering debt and equity transactions closely align with the objectives outlined in the Sustainable Development Goals.
Introducing the AlphaJiri Investment Fund LP (Mauritius) marks AlphaMundi’s expansion into debt, mezzanine, and equity investments, particularly emphasizing resilience and growth in Sustainable Food and Renewable Energy sectors. With a clear focus on climate-smart and gender-lens orientation, the fund mainly targets opportunities in East Africa. Beyond investment activities, the AlphaMundi Foundation underscores the organization’s dedication to sustainable development. It aims to enhance SMEs’ lasting commercial success in Africa and Latin America through meticulously structured blended finance products and a pronounced emphasis on gender-lens investing in the climate field.
