Ampersand, a leading electric vehicle (EV) energy tech company in Africa, has successfully raised an additional $2 million, boosting its total funding to an impressive $21.5 million in just one year. This follows a significant raise of $19.5 million in January 2024, underscoring strong investor confidence in Ampersand’s mission to electrify millions of motorcycles and advance sustainable transportation solutions across the continent.
Strategic Investments to Drive Expansion
The recent funding comes from AHL Venture Partners and Everstrong Capital, enhancing the company’s earlier investments. This capital will help Ampersand transform Africa’s motorcycle taxi and delivery market, known as ‘boda bodas,’ with a potential customer base of over 100 million daily users in East Africa. Ampersand’s electric motorcycles promise to be 45% cheaper to operate and produce at least 75% fewer emissions than petrol equivalents.
CEO Josh Whale expressed, “This additional $2 million reflects our investors’ confidence in Ampersand’s mission. As we scale operations, this funding will enhance our efforts to provide affordable and sustainable transportation, crucial amid rapid urbanization and environmental challenges.”
Scaling Up Sustainable Mobility
The investment will primarily support Ampersand’s expansion across East Africa, improve battery swapping systems, and increase production capabilities. Currently, Ampersand operates a fleet that covers 3 million kilometers weekly in cities like Kigali and Nairobi. Its AI-powered battery swap stations allow for quick battery replacements, handling around 75,000 swaps each week.
Sebastian McKinlay from AHL Venture Partners commended Ampersand’s innovative models that tackle environment issues while fostering economic opportunities. “Their motorcycles not only reduce emissions but also provide a cost-effective solution that mitigates fuel import costs,” he noted.
Commitment to a Sustainable Future
Ampersand’s dedication to sustainable transport solutions has garnered attention. Eva Yazhari of Beyond Capital Ventures highlighted the company’s solid market position and its vision for transforming Africa’s transport landscape. The latest funding emphasizes developing scalable e-mobility solutions essential for economic growth and environmental sustainability.
Phil Dyk from Everstrong Capital echoed these sentiments, focusing on the positive reception of Ampersand’s motorcycles among commercial riders, who value their design, strength, and convenient battery swapping.
Paving the Way for Future Growth
With this latest funding, Ampersand aims to deepen its East African presence, targeting the rollout of 5 million electric motorcycles by 2033, significantly reducing carbon emissions and creating green jobs. The new funds will also support ongoing research and development in battery technology and software, ensuring Ampersand leads the innovation curve in the e-mobility sector.
Ampersand’s accomplishments over the past year highlight the growing potential for electric mobility in Africa. As it prepares for its upcoming Series B round, the company remains committed to revolutionizing transportation across the continent, making it cleaner, more affordable, and sustainable for all.