Electric mobility startup in Kenya I wanderhe’s got raised $24 million in debt and equity financing to help accelerate its expansion across Africa.
Driving The News
The funding includes a US$14 million Series A equity financing round led by Equatorial Africawith contributions from At One Ventures, TES Ventures, Renew Capital, The world we want and a small planetamong other important private and institutional investors.
In addition, Roam has secured US$10 million debt commitment by the US government’s Development Finance Corporation (DFC).
Because this matters
Having raised US$7.5 million in equity and grants back in 2021, the company has now gone further 24 million US dollars to expand its production of locally designed and manufactured electric motorcycles and buses, fueling its mission to revolutionize African transportation with innovative products specifically designed for consumers across the continent.
Roam’s business areas include Roam Air (electric motorcycle), Roam Rapid (electric public transport bus), Roam Move (electric urban transport bus), as well as energy and public charging systems.
Funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling production at the new 10,000 sq m Roam Park facility, investing in research and tooling for cost savings and streamlining local and global supply chain networks.
What they say
“As Africa embraces the move to electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic goals to scale and increase utility for our customers,” he said Rajal UpadhyayaCFO of Roam.
Nijad Jamalpartner of Equator, said his company was committed to building a future of efficient, accessible and sustainable mobility.
“Roam’s innovative electric mobility platform is at the forefront of this transformation and we are proud to provide catalytic funding that will enable Roam to build a cleaner, fairer future for African cities,” he said.
Source: Disrupt Africa
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