Rwandan EV energy tech company Ampersand has raised further investment, bringing the funding total raised in the last 12 months to US$21.5 million.
Formed in 2016, Ampersand assembles and finances electric motorcycles that cost less to buy and operate, and perform better than the five million petrol motorcycle taxis in use across East Africa.
Since its commercial launch in May 2019, Ampersand’s fleet has grown to over 3,400 in size, and is expected to exceed 10,000 by late 2024. The company secured a US$19.5 million round of funding in January this year, and it has now topped that up with a further undisclosed amount.
The investment, which takes Ampersand’s funding total for the last 12 months to US$21.5 million, comes from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road between Nairobi and Mombasa. Beyond Capital Ventures has reinvested in a follow-up to its Series A equity commitment.
These additional investments, ahead of Ampersand’s Series B, will enable the company to continue its expansion in East Africa, where 100 million people a day use motorcycle taxi or delivery services, called “boda bodas”. The company’s electric motorcycles are 45 per cent cheaper to run than the petrol alternatives, and produce at least 75 per cent less emissions, making them a compelling alternative.
“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. With continued urbanisation, our mission to electrify transport, cut carbon emissions and drive clean economic prosperity is more crucial than ever,” 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 five million electric motorcycles by 2033. As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent.”
