Roam raises $24 Million in funding as it looks to raise production of electric vehicles

Staff Writer·February 14, 2024

Roam has raised $24 million in a Series A funding round. Equator, an Africa-focused climate tech VC fund, led the round, which also had the participation of several investors including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

The funding includes a $10 million debt commitment from the U.S International Development Finance Corporation (DFC), to scale the production of electric motorcycles and buses.

The investment comes at a time when Roam is looking to expand on the assembly of its Move bus model, launched last year, months after the company set-up a new and larger motorcycle assembly plant.

Roam has previously indicated that it can assemble 40 Move buses a month at full production capacity. The 42-seater buses, with a range of 200 kilometers, are assembled in Kenya using parts from China, and are targeted at schools and the public transit sector. Roam says the buses are built to fit local use and conditions, through such features as high ground clearances.

The company is looking to invest in research and tooling too as part of its plan to deepen the vertical integration of its products.