Exciting news from Kigali! Ampersand, the electric transport energy company, has secured an impressive $19.5 million in equity and debt funding to fuel its ongoing expansion.
Established in 2016, Ampersand specializes in assembling and financing electric motorcycles that are not only more cost-effective to purchase and operate but also outperform the five million petrol motorcycle taxis currently in use across East Africa.
Since hitting the market in May 2019, Ampersand’s fleet has rapidly expanded, surpassing 1,000 vehicles and is projected to soar beyond 10,000 by late 2024.
The recent $19.5 million funding round was spearheaded by Ecosystem Integrity Fund (EIF), with support from Acumen and Hard Edged Hope Fund. Additional investors include Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF, and Beyond Capital Ventures. Notably, the funding package also features a substantial $7.5 million debt facility courtesy of Cygnum Capital’s Africa Go Green Fund.
Our made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles.
osh Whale, CEO and founder of Ampersand.
“Our made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles. Our technology continues to advance, alongside the now rapid march of government e-mobility policies across Africa and removal of fuel subsidies, our addressable market continues to grow. With this funding, we are on track to deliver thousands more electric motorcycles in the coming months,” said Josh Whale, CEO and founder of Ampersand.
“The strong support of both existing and new investors, despite the current challenging fundraising environment, reflects their confidence in our business model, technology, customer-centric approach, strong unit economics, and competitive advantage. It also reflects our investors’ commitment to support the green transition in Africa. We are very pleased by the trust placed in us by our growing investor base and look forward to continuing to partner with them to meet the fast-growing demand for electric mobility on the continent.”
“We are delighted to provide continued support to Ampersand as it transitions to a growth-stage company and leads the development of electric transportation in East Africa,” said James Everett, managing partner of Ecosystem Integrity Fund.
