Ampersand, Africa’s leading EV energy tech company, has secured an additional round of equity investment, bringing its total funding to $21.5 million over the past year. This latest influx of capital comes from AHL Venture Partners, Everstrong Capital, and a follow-up investment from Beyond Capital Ventures, demonstrating strong investor confidence in Ampersand’s mission to electrify motorcycle transport across Africa.
The funding, announced ahead of Ampersand’s forthcoming Series B round, will fuel the company’s expansion in East Africa, where motorcycle taxis, known as Boda Bodas, serve 100 million people daily. Ampersand’s electric motorcycles offer a compelling alternative, boasting 45% lower operating costs and at least 75% fewer emissions compared to petrol-powered counterparts.
“This latest funding is a testament to the strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector,” said Josh Whale, CEO of Ampersand. “This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033.”
Ampersand’s fleet currently covers 3 million km weekly in Kigali and Nairobi, with its AI-enabled smart battery technology facilitating around 75,000 battery swaps per week.
“Ampersand’s work in electrifying one of the most common forms of transportation in East Africa is proving to be a game-changer,” said Sebastian McKinlay of AHL Venture Partners, “And will displace billions of dollars of fuel imports to East Africa each year.”
Eva Yazhari from Beyond Capital Ventures added, “Ampersand’s comprehensive approach to e-mobility in Africa exemplifies exactly the type of highly scalable solution Beyond Capital Ventures seeks to invest in.”
The funding will support increased production, network expansion, and continued R&D efforts, solidifying Ampersand’s position as a leader in Africa’s sustainable transportation revolution.
