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Roam, a company dedicated to advancing electric mobility solutions in Africa, has secured a substantial boost for its mission through the acquisition of US$24 million in a blend of equity and debt. The Series A round was spearheaded by Equator Africa and witnessed contributions from notable entities including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. Additionally, the U.S. Government, via the International Development Finance Corporation (DFC), pledged to furnish Roam with a debt facility of up to US$10 million. With this financing in place, Roam is poised to expedite its endeavors to transform transportation across Africa. “DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability,” remarked James Polan, Vice President of the Office of Development Credit at DFC. “This significant transaction will bolster the expansion of Roam’s electric mobility offerings and resonates with our aspirations for a cleaner future.”
This considerable funding marks a significant milestone for Roam as it endeavors to develop electric motorcycles and buses tailored to the needs of millions in Africa. Through its focus on design, development, and deployment, Roam is making substantial progress toward enhancing transportation options for African consumers. Nijhad Jamal, Partner at Equator, affirmed, “At Equator, we are dedicated to forging a future characterized by efficient, accessible, and sustainable mobility. Roam’s pioneering electric mobility platform stands at the forefront of this transformation, and we are honored to provide catalytic funding that will empower Roam to forge a cleaner, more equitable future for African cities.”
Roam has been instrumental in reshaping the electric motorcycle industry in Kenya by offering riders greater choice and flexibility. A key innovation is enabling users to own their batteries, which can be conveniently charged at any household outlet, thus reducing operating expenses and enabling longer travel distances. Additionally, Roam has expanded its services by establishing Roam Hub stations – adaptable charging stations that offer various post-purchase amenities, including the option to rent additional batteries for a customized duration. The funds raised in this round will be allocated towards bolstering local manufacturing capabilities in Kenya, expanding production at the 10,000 sqm Roam Park facility, investing in research and development to enhance efficiency, and optimizing supply chain networks locally and globally. These endeavors are aligned with Roam’s overarching objective of revolutionizing transportation in Africa through affordable and efficient electric vehicles, leveraging locally sourced parts and existing large-scale manufacturing infrastructure. To date, the company has effectively mitigated or averted over 120,000 tonnes of carbon emissions, underscoring its commitment to providing sustainable electric transport solutions.
Source: ThePack.News