Rwandan electric motorcycle manufacturer Ampersand has secured a $2 million Series A extension, bringing its total funding to $21.5 million. This new capital injection will support the company’s expansion into other East African markets, strengthening its position in the region’s growing e-mobility sector.
The latest funding round attracted a mix of new and existing investors, including AHL Venture Partners, an Africa-focused venture capital firm, and Everstrong Capital, an infrastructure investor known for its role in constructing the Usahihi toll road connecting Nairobi and Mombasa in Kenya. Beyond Capital Ventures, which previously invested in Ampersand, also participated in this round.
“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 Ampersand CEO Josh Whale.
Founded in 2016 by Joshua Whale, Ampersand is based in Kigali and focusses on assembling and financing electric motorcycles. The company claims its motorcycles are 45% cheaper to operate and produce 75% fewer emissions compared to traditional petrol-powered bikes, which are currently predominant in the market. Ampersand also operates 18 charging stations across Kigali and Nairobi.
The funding highlights a growing interest among investors in renewable energy and e-mobility solutions. According to data and market insight firm Statista, Africa’s motorcycle market is estimated to be worth $4.87 billion, underscoring the potential for growth in sustainable transport options.
This funding round precedes an anticipated Series B round aimed at boosting Ampersand’s production capabilities 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 added.
In June 2024, Ampersand entered into a partnership with Chinese electric vehicle and battery manufacturer BYD to produce 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026. This collaboration is expected to further enhance Ampersand’s capacity to meet the growing demand for electric vehicles in the region.