Ampersand, a pioneering electric transport energy company based in Kigali, recently secured a significant investment of $19.5 million through debt and equity funding. This funding round was spearheaded by the Ecosystem Integrity Fund (EIF) and saw participation from notable investors such as Acumen and the Hard Edged Hope Fund.
Other prominent investors included Beyond Capital Ventures, TotalEnergies, Societe Petrolieres du Rwanda, Alphamundi VC, and EIF. Additionally, this financial boost consists of a substantial debt facility valued at $7.5 million from Cygnum Capital’s Africa Go Green Fund.
Established in 2016, Ampersand has been at the forefront of innovating in the electric vehicle sector. The company specializes in the production and financing of electric motorbikes. These e-bikes are more efficient than the existing five million petrol-powered motorbike taxis that dominate East Africa’s streets and are also more cost-effective to operate.
Since its inception in May 2019, the Ampersand fleet has experienced remarkable growth, surpassing a thousand vehicles. By the end of 2024, it’s anticipated to exceed ten thousand. Josh Whale, Ampersand’s CEO and founder, expressed pride in their African-made battery fleet, noting its global leadership in cost-effectiveness and reliability for light-electric vehicles. He highlighted the ongoing advancements in their technology, the increasing governmental support for e-mobility across Africa, and the phasing out of fuel subsidies as factors contributing to their expanding market. Whale stated that the recent funding will enable them to deliver thousands more electric motorcycles in the upcoming months.
James Everett, managing partner of the Ecosystem Integrity Fund, conveyed his enthusiasm about continuing their support for Ampersand as it progresses into a growth-stage company and pioneers the electric transportation sector in East Africa.
This new round of funding ensures that Ampersand will maintain its momentum in expanding its operations.