Ampersand, a Rwanda-based electric motorcycle manufacturer, has raised an additional $2 million as part of its Series A extension. This latest funding brings the company’s total raised to $21.5 million and supports its plans to expand operations into more East African markets.
The round included both existing and new investors, such as AHL Venture Partners and Everstrong Capital, an infrastructure-focused firm involved in major projects like Kenya’s Usahihi toll road. Beyond Capital Ventures also participated, building on its prior equity investment in the company.“This investment will speed up the mass-market rollout of our EV technology and infrastructure, bringing us closer to deploying 5 million electric motorcycles by 2033,” said Josh Whale, Ampersand’s CEO.Founded in 2016 by Whale, Ampersand assembles and finances electric motorcycles designed for affordability and sustainability. According to the company, its motorcycles are 45% cheaper to operate than petrol models and emit 75% less carbon.
The firm also operates 18 charging stations across Kigali and Nairobi, supporting its EV network. With Africa’s motorcycle market valued at $4.87 billion, according to Statista, Ampersand is positioning itself to capitalize on growing demand for renewable energy and electric mobility solutions. The company is preparing for a larger Series B round to scale production and expand operations in Kigali and Nairobi. “We are focused on transforming mobility across Africa by providing accessible, low-carbon transport solutions that create green jobs and drive economic growth,” said Whale. Ampersand’s ambitions received a significant boost in June 2024 when the company partnered with Chinese electric vehicle and battery manufacturer BYD. Together, they plan to produce 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.
The latest funding signals strong investor confidence in Ampersand’s vision to reshape transportation in Africa through innovative and sustainable solutions.
