AHL Venture Partners and Everstrong Capital provide new funding for Ampersand
Rwanda-based electric transport energy company, Ampersand has secured an additional $2 million. This comes on the heels of getting $19.5 million in equity and debt funding the previous year.
AHL Venture Partners, an Africa-focused growth partnership fund, and American infrastructure fund manager, Everstrong Capital, supported Ampersand with new funding, along with Beyond Capital Ventures making further investments. This funding comes ahead of the Series B fundraising round.
The e-mobility company aims to use this investment to expand the roll-out of Electric Vehicle (EV) energy technology and infrastructure to the larger market. Ampersand was founded in 2016 by John Whale. It has, since then, offered cost-effective, low-carbon transport solutions in the East African market scenery.
Since its commercial launch in May 2019, Ampersand’s fleet has grown to over 3,400 in size, and is expected to exceed 10,000 by late 2024. Its operations are primarily concentrated in Rwanda and Kenya. The company’s electric motorcycles and battery-swapping technology create a seamless fit for riders and business operations.
Ampersand’s electric motorcycles are found to be 45% cheaper to operate than their petrol counterparts. Notably, they produce at least 75% fewer carbon emissions, making them both eco-friendly and cost-effective.
Whale attributes the company’s latest funding success to investor confidence in Ampersand’s business model and technology. As the company expands its footprint across Africa, it aims to electrify transport, reduce carbon emissions, and foster clean economic growth.
Ampersand’s commercial motorcycle fleet, featuring AI-powered smart battery technology, covers 3,000,000 km weekly across Kigali and Nairobi. The company facilitates over 75,000 battery swaps weekly at multiple stations with a 30-second turnaround for live battery data capture, ensuring efficiency and sustainable transportation.
Moreso, in June 2024, Ampersand signed an agreement with a Chinese-born EV company, BYD, to enhance electric motorbike development and deployment in Africa with Ampersand building around 40,000 electric motorcycles by the end of 2026.
The company currently champions a public-private partnership to build a modern expressway between Nairobi and Mombasa. The expressway will be designed to integrate electric vehicles seamlessly into the transport network.
With a $1 million investment in Ampersand, Everstrong Capital is driving the adoption of e-mobility in Africa and reinforcing its commitment to enhancing mobility across the continent. These additional investments, ahead of Ampersand’s Series B, will enable the company to continue its expansion in East Africa, where 100 million people a day use motorcycle taxi or delivery services, called “boda bodas”.
Nigeria, Kenya, Egypt, and South Africa hold the major share of the African electric two-wheeler market with a market share of 20.28%, 20.94%, 17.74%, and 14.24% respectively. With major players in the e-mobility sector like BasicGo, Roam, and Spiro, the Rwandan EV company has a tough market to crack, where mobility startups lead the African startup funding in Q1 2024.
