Established in 2016, Ampersand revolutionizes electric mobility by assembling and financing cost-effective electric motorcycles that outperform the five million petrol motorcycle taxis prevalent in East Africa. Since its commercial launch in May 2019, Ampersand’s fleet has surged to over 1,000 and is anticipated to surpass 10,000 by late 2024.
Securing an impressive $19.5 million in funding, led by Ecosystem Integrity Fund (EIF) and backed by Acumen, Hard Edged Hope Fund, Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF, and Beyond Capital Ventures, along with a $7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund.
CEO and founder Josh Whale expressed confidence in the growth of their made-in-Africa battery fleet, leading globally in cost per km and uptime for light-electric vehicles. With advancing technology, expanding government e-mobility policies, and the removal of fuel subsidies in Africa, Ampersand anticipates delivering thousands more electric motorcycles in the coming months.
Despite the challenging fundraising environment, the strong support from both existing and new investors underscores confidence in Ampersand’s business model, technology, customer-centric approach, robust unit economics, and competitive advantage. This commitment reflects investors’ dedication to supporting the green transition in Africa.
James Everett, managing partner of Ecosystem Integrity Fund, expressed delight in providing continued support to Ampersand as it evolves into a growth-stage company, leading the charge in electric transportation development in East Africa.
Source: Disrupt Africa