NAIROBI, Kenya- Ampersand, the pioneering electric motorcycle startup out of Rwanda, just added another $2 million to its war chest, bringing its total Series A funding to an impressive $21.5 million.
This latest injection of cash is a clear signal that the company is full throttle on its mission to revolutionize transportation in Africa with electric motorcycles.
The recent funding round was led by a mix of fresh faces and seasoned backers. AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, known for its work on major infrastructure projects like the Usahihi toll road in Kenya, were key contributors.
Josh Whale, Ampersand’s CEO, is optimistic about the impact of this new funding.
“This new funding will fast-track the deployment of our EV energy technology and infrastructure across the mass market, moving us nearer to our target of introducing 5 million electric motorcycles by 2033,” he said.
The company already operates 18 charging stations across Kigali and Nairobi, making it easier for riders to transition to electric.
Ampersand, founded by Whale in 2016, is headquartered in Kigali and offers a compelling value proposition: its electric motorcycles run at 45pc lower costs and produce 75pc fewer emissions than their petrol-powered counterparts.
This isn’t just about cutting costs; it’s about cutting carbon. In a world increasingly focused on sustainability, Ampersand is positioning itself as a leader in the shift towards cleaner transportation options.
Investor interest in Ampersand is part of a larger trend. According to Statista, Africa’s motorcycle market is currently valued at around $4.87 billion, and there’s a growing appetite for renewable energy and e-mobility investments on the continent.
Ampersand is tapping into that trend, offering a product that’s not only good for the environment but also economically viable.
Looking ahead, Ampersand is gearing up for a Series B round, which Whale says will be crucial for expanding production facilities in Kigali and Nairobi.
“Our goal is to provide affordable, low-carbon transport options that not only contribute to green job creation but also stimulate economic development across the continent,” he noted.
In June 2024, the company inked a deal with BYD, the Chinese electric vehicle giant, to produce 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.
This collaboration is a big win for Ampersand, allowing it to leverage BYD’s manufacturing expertise to ramp up production and meet growing demand.
