Kenyan electric mobility startup Roam, initially known as Opibus, has secured $24 million through a combination of debt and equity to fuel its expansion across Africa.
Established in 2017 and undergoing a rebranding earlier this year, Roam has emerged as a leading manufacturer of electric vehicles in Africa, focusing on producing reliable and affordable products tailored for the pan-African market.
Following a successful raise of $7.5 million in equity and grant funding in 2021, Roam has now attracted an additional $24 million. This funding will boost its capacity to produce electric motorcycles and buses designed and built locally, supporting its goal to transform African transport with innovative, continent-specific solutions.
The recent financing round includes a $14 million Series A equity investment led by Equator Africa, with participation from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other notable private and institutional investors. Roam also received a $10 million debt facility from the US government’s Development Finance Corporation (DFC).
Roam operates in various segments, including Roam Air (electric motorcycle), Roam Rapid (electric bus for mass transit), Roam Move (electric bus for urban transit), alongside energy solutions and public charging infrastructure. The latest funding will be channeled into enhancing Kenya’s local manufacturing capabilities, boosting production at the newly established 10,000 sqm Roam Park facility, investing in research for cost reduction, and improving both local and international supply chains.
These initiatives are part of Roam’s broader vision to shift Africa’s transport sector to efficient and affordable electric vehicles, with a focus on using locally sourced components and tapping into the existing manufacturing ecosystem. The company has already contributed to reducing or offsetting over 120,000 tonnes of carbon emissions, underlining its dedication to pioneering electric transportation solutions.
Rajal Upadhyaya, Roam’s CFO, highlighted the significance of this funding: “As Africa progresses towards electric vehicle adoption, we take pride in our environmental impact and the positive changes we’re bringing to communities across Kenya and beyond. This investment is crucial for Roam to meet our expansion and customer service enhancement goals.”
Nijhad Jamal, a partner at Equator, expressed his firm’s dedication to fostering a future characterized by efficient, accessible, and sustainable mobility solutions.
“Roam stands as a leader in the shift towards electric mobility, pioneering changes we strive to see across the continent. We’re excited to offer the catalytic funding necessary for Roam to pave the way for a cleaner and more equitable future in African urban centers,” he stated.
