Grace Ashiru
Ampersand, a Rwandan electric motorcycle company, recently secured an additional $2 million in a Series A extension, boosting its total funding to $21.5 million. The funding round featured a mix of new and returning investors, including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor involved in constructing the Usahihi toll road linking Nairobi, Kenya, to the port city of Mombasa. Beyond Capital Ventures also made a follow-up investment to its initial Series A equity commitment.
Josh Whale, CEO of Ampersand, remarked, “This new funding will fast-track the deployment of our EV energy technology and infrastructure across the mass market, moving us nearer to our target of introducing 5 million electric motorcycles by 2033.”
Established in 2016 by Joshua Whale, the Kigali-based company not only assembles but also finances electric motorcycles. Ampersand reports that its motorcycles operate at 45% lower costs and emit 75% fewer emissions than the petrol-powered models currently prevalent in the market. Additionally, the company operates 18 charging stations across Kigali and Nairobi.
Investor interest in renewable energy and e-mobility investments is surging. According to Statista, a firm specializing in data and market insights, Africa’s motorcycle market is valued at approximately $4.87 billion.
The latest injection of funds arrives just before a Series B financing round, which will support the company’s expansion of production facilities in Kigali and Nairobi.
“Looking forward to our Series B, we are dedicated to transforming Africa’s transportation landscape,” Whale commented. “Our goal is to provide affordable, low-carbon transport options that not only contribute to green job creation but also stimulate economic development across the continent.”
In June 2024, Ampersand secured a partnership with BYD, a Chinese manufacturer of electric vehicles and batteries, to produce 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.
