Ampersand, the pioneering electric mobility company transforming motorcycle transport in Africa, has closed a landmark funding round aimed at turbocharging its expansion across East Africa. The deal blends equity and debt, drawing participation from a mix of global and African investors and highlighting growing confidence in the region’s shift toward clean, affordable transport.
The round brings together new equity backers — including Seedstars Africa Ventures, Gaia Impact, the Rwanda Green Fund, and Raspberry Syndicate — alongside increased commitments from existing supporters such as Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and TotalEnergies. The equity package enabled a catalytic working capital investment from British International Investment (BII), the UK’s development finance institution, which also paves the way for future local and international lending partnerships.
Scaling a Proven Model
Ampersand’s core business revolves around electric motorcycles and a vertically integrated energy solution that includes battery design, software, and an extensive swap station network. The model eliminates the high upfront cost of battery ownership while sidestepping the slow pace and infrastructure challenges of grid-based charging.
Currently, Ampersand supports over 6,000 electric motorcycles with a fleet of 8,000 batteries, delivering more than 20,000 swaps every day. This system enables riders to cover a combined 900,000 kilometres daily — the equivalent of circling Africa 90 times. Impressively, 99% of its batteries remain operational after 18 months, a testament to the company’s technology and operational discipline.
CEO Josh Whale says the new funding will allow Ampersand to double its battery fleet by early 2026, enabling over 35,000 daily swaps and bringing cleaner, cheaper, and higher-performing transport options to thousands more riders.
Economic and Environmental Impact
Motorcycle taxi riders — known as boda bodas in East Africa — are vital to urban mobility and livelihoods, but rising fuel costs are squeezing their earnings. Ampersand’s electric motorcycles can more than double a rider’s daily take-home pay compared to petrol-powered bikes, while slashing tailpipe emissions by over 90%.
The market potential is vast: motorcycle fuel in Africa represents an estimated $25 billion annual opportunity. Demand for e-motorbikes already exceeds supply, and Ampersand’s success in cities like Kigali and Nairobi shows riders prefer its offering over competitors, often by wide margins.
Investor Confidence and Climate Goals
BII’s Regional Director for East Africa, Seema Dhanani, calls electric mobility “a game-changer for inclusive, low-carbon growth,” underscoring the dual role of Ampersand’s model in improving livelihoods and reducing emissions.
Seedstars Africa Ventures’ General Partner, Maxime Bouan, cites the company’s product quality, capital efficiency, and execution capability in complex markets as decisive factors for investment. Meanwhile, Gaia Impact’s Guilhem Dupuy points to Ampersand’s “robust proprietary technology” and ability to make batteries “bankable financial assets,” signalling a maturing clean-energy ecosystem in Africa.
Strategic Growth and Partnerships
While Ampersand continues to strengthen its presence in Rwanda and Kenya — with profitability in sight in the latter — the company is also pursuing partnerships to scale faster. A collaboration with global giant BYD is set to boost battery production and innovation capacity, reinforcing Ampersand’s position as a first mover in African electric mobility.
This funding round not only validates Ampersand’s business model but also sets the stage for wider industry transformation. With growing investor appetite for climate-positive solutions in emerging markets, the company’s blended finance approach could become a template for other clean transport ventures.
Beyond Mobility: A Regional Signal
Ampersand’s expansion signals more than the rise of electric motorcycles; it reflects Africa’s ability to lead in sustainable transport innovation. By coupling climate-smart technology with a deep understanding of local economic realities, the company is reshaping how mobility can serve both people and the planet.
As Whale puts it, “This is about more than cleaner transport — it’s about building a future where the most important form of African transport is also the most sustainable.”
