Electric motorcycle company Ampersand raises $7 million for motorcycle fleet expansion in East Africa
Ampersand Secures $7 Million Funding Round to Expand Electric Mobility in East Africa
Ampersand, an Africa-focused electric vehicle (EV) energy company, has successfully closed a new funding round, led by British International Investment (BII) and supported by other equity investors. This investment will help Ampersand double its battery fleet by early 2026 and scale operations efficiently.
Maxime Bouan, General Partner at Seedstars Africa Ventures, praised Ampersand's team, stating that their execution capacity and impact were impressive. Ampersand's strong performance metrics were a key driver for the deal with investors. The company has not disclosed the total size of the funding round.
The funding round is structured as a blended finance deal, with a working capital facility of USD $7 million from BII. Seema Dhanani, Regional Director for East Africa at BII, expressed that electric mobility is a game-changer for inclusive, low-carbon growth in East Africa.
Ampersand operates a vertically integrated system that includes its proprietary battery packs, management software, and a network of battery-swap stations. The company currently manages a fleet of over 8,000 batteries, powering more than 6,000 electric motorcycles, and enables over 20,000 battery swaps daily.
Ampersand's growth strategy focuses on expanding its electric motorcycle fleet and battery-swapping station network across East Africa, particularly strengthening its presence in Rwanda and Kenya. The company has reached profitability in Kenya, its second market, while continuing to scale in its home market of Rwanda.
In addition to the funding, Ampersand has formed a key partnership with global battery manufacturer BYD to boost battery production and innovation capacity. This collaboration aims to accelerate the production and development of Ampersand's batteries.
Future plans include continuing to grow market share by targeting Africa's large motorcycle taxi (boda boda) sector through a battery-as-a-service model that enhances riders’ earnings and reduces emissions by over 90%. Ampersand also aims to serve as a model for climate-positive clean transport ventures in emerging markets, focusing on sustainable innovation that balances local economic realities with low-carbon technology.
Existing investors, such as Ecosystem Integrity Fund, AHL Ventures, Acumen, and TotalEnergies, also increased their stakes in the company. The deal was facilitated by new equity from Seedstars Africa Ventures, Gaia Impact, Rwanda Green Fund, and Raspberry Syndicate.
With this new funding, Ampersand aims to double its battery fleet by early 2026 and solidify its position as a pioneer in African electric mobility. The company plans to continue its mission of providing sustainable, affordable, and efficient transportation solutions to the people of East Africa.
[1] Ampersand's Press Release [2] BII's Press Release [3] Seedstars Africa Ventures' Press Release [4] Gaia Impact's Press Release [5] Rwanda Green Fund's Press Release
- Venture capital from Seedstars Africa Ventures, BII, and other equity investors will be utilized by Ampersand to double its battery fleet and scale operations efficiently in the transportation industry.
- The technology sector in East Africa will see significant growth with the advancements in electric mobility facilitated by Ampersand's business strategy and investments.
- By targeting Africa's motorcycle taxi sector through a battery-as-a-service model, Ampersand aims to increase its lifestyle impact by enhancing riders' earnings, while reducing emissions by over 90%.
- Sustainable innovation in the finance industry is advancing with the blended finance deal structure employed in Ampersand's recent funding round, which aims to provide affordable and efficient transportation solutions for the people of East Africa.
