Kenyan electric mobility startup Roam, has raised $24 million in debt and equity funding to help accelerate its expansion across Africa.
Driving The News
The financing includes a US$14 million Series A equity funding round led by Equator Africa, with contributions from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors.
Additionally, Roam has secured a US$10 million debt commitment from the US government’s Development Finance Corporation (DFC).
Why This Matters
Having raised US$7.5 million in equity and grant funding back in 2021, the company has now banked a further US$24 million to expand its production of locally designed and manufactured electric motorcycles and buses, fueling its mission to revolutionise African transportation with innovative products specifically designed for consumers across the continent.
Roam’s business segments include the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), Roam Move (electric urban transit bus), as well as energy and public charging systems.
Funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling up production at the new 10,000 sqm Roam Park facility, investing in research and tooling for cost efficiencies, and streamlining local and global supply chain networks.
What They’re Saying
“As Africa embraces the move toward 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 objectives in scaling up and increasing utility to our customers,” said Rajal Upadhyaya, CFO of Roam.
Nijhad Jamal, partner at Equator, said his firm was committed to building a future with 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, more equitable future for African cities,” he said.
Source: Disrupt Africa
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
