Ampersand, an electric transport energy startup based in Kigali, has raised $19.5 million in debt and equity funding.
Acumen and the Hard Edged Hope Fund were among the participants in the funding round that was led by the Ecosystem Integrity Fund (EIF).
Beyond Capital Ventures, TotalEnergies, Societe Petrolieres du Rwanda, Alphamundi VC, and EIF were among the other investors. Also included is a debt facility from Cygnum Capital’s Africa Go Green Fund, which is worth $7.5 million.
Ampersand, which was founded in 2016, manufactures and finances electric motorbikes that perform better than the five million motorbike taxis across East Africa that run on petrol and are more affordable to operate.
The Ampersand fleet has increased to over a thousand since its commercial launch in May 2019, and by the end of 2024, it is projected to surpass ten thousand.
“Our made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles. Our technology continues to advance, and alongside the rapid march of government e-mobility policies across Africa and the removal of fuel subsidies, our addressable market continues to grow. With this funding, we are on track to deliver thousands more electric motorcycles in the coming months,” said Josh Whale, CEO and founder of Ampersand.
“We are delighted to provide continued support to Ampersand as it transitions to a growth-stage company and leads the development of electric transportation in East Africa,” said James Everett, managing partner of the Ecosystem Integrity Fund.
The startup will be able to continue expanding its operations with the backing of the new funding round.