Ampersand, one of Africa’s leading electric vehicle (EV) energy tech company, has raised an additional $2 million, pushing the total funding to an impressive $21.5 million within the last 12 months. The company raised $19.5 million in January 2024. This significant capital injection highlights the strong investor confidence in Ampersand’s vision of electrifying millions of motorcycles across the continent and scaling sustainable transportation solutions in Africa.
Strategic Investments to Drive Expansion
According to a statement made available to Innovation Village, the latest $2 million in funding comes from AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor. These funds supplement Ampersand’s earlier investments, bringing the company closer to its goal of transforming Africa’s motorcycle taxi and delivery market, widely known as ‘boda bodas’. With a customer base of approximately 100 million daily users across East Africa, Ampersand’s electric motorcycles offer a compelling value proposition by being 45% cheaper to operate and generating at least 75% fewer emissions compared to their petrol counterparts.
Josh Whale, CEO of Ampersand, stated, “This additional $2 million is a testament to our investors’ belief in Ampersand’s mission. As we scale up our operations, these funds will accelerate our efforts to deliver affordable and sustainable transportation, which is crucial given the rapid urbanization and environmental challenges we face.”
Scaling Up Sustainable Mobility
The latest investment will be channeled into expanding Ampersand’s operations across East Africa, enhancing its battery swapping infrastructure, and increasing its electric motorcycle production capabilities. Already, Ampersand’s commercial electric motorcycle fleet covers 3 million kilometers weekly in cities like Kigali and Nairobi. The company’s AI-powered battery swap stations, which allow drivers to replace their batteries in just minutes, currently handle around 75,000 swaps each week.
Sebastian McKinlay, Head of New Investments at AHL Venture Partners, expressed his confidence in Ampersand’s approach: “Ampersand is a leader in showing how innovative business models can tackle environmental issues while creating economic opportunities. The company’s electric motorcycles not only cut down on emissions but also provide a cost-effective alternative that displaces billions of dollars in fuel imports annually.”
Commitment to a Sustainable Future
Ampersand’s strategic focus on sustainable transport solutions has not gone unnoticed. Eva Yazhari, Managing Partner at Beyond Capital Ventures, which previously invested in Ampersand’s Series A, remarked, “Ampersand’s successful raise of $21.5 million over the past year reflects its solid market traction and clear vision for transforming Africa’s transportation landscape. This latest investment round will further the development of scalable e-mobility solutions, which are essential for economic growth and environmental sustainability across the continent.”
Phil Dyk, Founder and Managing Partner of Everstrong Capital, echoed these sentiments, highlighting the practical appeal of Ampersand’s motorcycles: “Our investment in Ampersand is driven by the positive reception from commercial boda boda riders who appreciate the bikes’ strength, design, and the convenience of quick battery swapping.”
Paving the Way for Future Growth
With the additional $2 million raised, Ampersand is set to deepen its footprint in the East African market. The company aims to roll out 5 million electric motorcycles by 2033, significantly reducing carbon emissions and promoting green jobs. This fresh funding will also support ongoing R&D efforts in battery technology and software, ensuring that Ampersand remains at the forefront of innovation in the e-mobility sector.
Ampersand’s journey over the past year demonstrates the viability and potential of electric mobility in Africa. As the company looks forward to its upcoming Series B round, it remains committed to reshaping transportation across the continent, making it cleaner, more affordable, and more sustainable for all.
