Grace Ashiru
Roam, a Kenyan electric mobility startup, has recently secured $24 million in a combination of debt and equity funding. This significant financial boost will play a crucial role in supporting Roam’s ambitious plans to expand its operations across the African continent.
Equator Africa, a venture capital fund focused on climate technology in Africa, has successfully led a significant $14 million Series A equity round for its fund. This round saw participation from notable investors such as At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.
In an exciting development, the mobility company has secured an additional $10 million debt commitment from the US Government’s International Development Finance Corporation (DFC), bringing the total investment to an impressive $24 million. This significant financial boost will undoubtedly propel the company towards even greater success.
The company aims to enhance its production capabilities to a staggering 1,000 motorcycles per month at its state-of-the-art Roam Park facility, spanning an impressive 10,000 sqm. In addition, a portion of the investment will be allocated towards research and the optimization of both local and global supply chain networks.
All of these efforts align with the company’s mission to advance the adoption of electric vehicles in Africa by offering environmentally-friendly, innovative, and Africa-centric products.
Roam is making significant progress towards its long-term objective of revolutionizing the transportation industry in Africa. By leveraging locally sourced materials and existing manufacturing infrastructure, the company aims to provide affordable, efficient, and sustainable vehicles. This recent development brings Roam one step closer to achieving its goal.
So far, the company has made significant strides in its mission to design, develop, and deploy electric motorcycles and buses specifically catered to the needs of African consumers. In doing so, they have successfully reduced carbon emissions by an impressive 120,000 tonnes. This remarkable achievement demonstrates their commitment to sustainable transportation solutions in Africa.
Founded in 2017 by Filip Lövström (CEO), Albin Wilson (Chief Product and Strategy Officer), and Mikael Gånge (CCO), Roam is a transportation operator that specializes in offering electric buses and motorcycles designed and manufactured in Kenya for the African market. With a strong focus on sustainability and innovation, Roam aims to revolutionize transportation across Africa.
Before transitioning to electric vehicle assembly in 2021, the startup focused on specializing in electric vehicle conversions.
Since its establishment seven years ago, our startup has been dedicated to the design and production of affordable and dependable vehicles tailored for the African market.
Currently, our mobility startup offers a range of innovative electric vehicles, including the Roam Rapid, a mass transit bus; Roam Air, a sleek electric motorcycle; and Roam Move, an urban transit bus designed for city living. In addition to our cutting-edge vehicles, we also provide reliable and efficient charging infrastructure.
Nijhad Jamal, a partner at Equator, wholeheartedly backs Roam’s mission to create a future in African cities where mobility is efficient, accessible, and sustainable. His unwavering support demonstrates Equator’s commitment to this cause.
DFC’s Vice President of Development Credit, James Polan, proudly expressed the agency’s commitment to endorsing groundbreaking and environmentally-friendly projects like Roam.
In 2021, the Kenyan mobility startup successfully secured $7.5 million in equity and grant financing.
