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

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.

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