Rwandan electric motorcycle manufacturer Ampersand recently raised a $2 million Series A extension to grow its reach in East Africa. The latest funding brings the company’s total funding to $21.5 million.
A mix of new and existing investors, including AHL Venture Partners, an Africa-focused venture, and Everstrong Capital, pooled resources towards Ampersand’s latest funding round. Everstrong is an infrastructure investor behind a major toll road connecting Kenya’s capital city Nairobi to the port city of Mombasa.
Beyond Capital Ventures also reinvested in a follow-up to its Series A equity commitment. Speaking about the development, John Whale, CEO of Ampersand, says: “This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market.”
Joshua Whale founded the Kigali-based firm in 2016 to assemble and finance electric motorcycles. Eight years later, Ampersand has become a major tech startup in the East African country, with over 17 charging stations in Kigali and Nairobi.
Growing Investor Interest in Ampersand’s “Greener and Cheaper” Bikes
Ampersand claims that its motorbikes offer cheaper and greener alternatives to the dominant traditional bikes. It reports that its motorcycles are 45% cheaper to operate and produce 75% fewer emissions than petrol alternatives.
The latest funding round confirms a growing investor interest in renewable energy and e-mobility investments. Data and market insight firm Statista estimates Africa’s motorcycle market to be about $4.87 billion.
The latest funding round precedes a Series B round towards helping the company ramp up its manufacturing efforts in Rwanda and Kenya. As Ampersand expects more investments in its EV project, Whale reemphasizes the company’s commitment to “reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent.”
Earlier in the year, Ampersand signed a deal with BYD, a Chinese EV and battery producer, to build 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. Meanwhile, Ampersand says it plans to deploy 5 million electric motorcycles by 2033 – a feat it looks well on its way to achieving.
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