Ampersand has raised a $2 million Series A extension to expand to other East African countries. It brings the company’s total funding to $21.5 million.
Ampersand is a Rwandan electric motorcycle manufacturer which was founded in 2016 by Joshua Whale, the firm also finances electric motorcycles. Ampersand claims that its motorcycles are 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives, which currently dominate the market. The company also owns 18 charging stations in Kigali and Nairobi.
The funding saw a mixture of new and existing investors including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor constructing the Usahihi toll road connecting Kenya’s capital Nairobi and the port city of Mombasa. Beyond Capital Ventures has reinvested in a follow-up to its Series A equity commitment.
“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 5 million electric motorcycles by 2033,” said Josh Whale, Ampersand CEO.
The funding shows a growing appetite among investors for renewable energy and e-mobility investments. Africa has an estimated $4.87 billion motorcycle market, according to Statista, a data and market insight firm.
The new funding comes ahead of a Series B round to help the company ramp up its production in Kigali and Nairobi.
“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,” Whale said.
In June 2024, Ampersand struck a deal with Chinese electric vehicle and battery manufacturer BYD to build 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.