Opibus, a Kenyan electric mobility company, has raised US $7.5 million in equity and grant investment to help it expand its electric motorbike and bus manufacturing operations.
Opibus, which was founded in 2017, is the main provider of locally designed and produced electric cars. Its mission is to provide dependable and affordable products for the pan-African mass market.
Opibus has cut customer CO2 emissions by 94% and operational costs by more than 60% with current customers in six African nations and many vehicles in various categories deployed. Existing large commercial vehicles, such as buses and trucks, may be converted to electric using their unique engine, saving money, resources, and giving the vehicles a second life.
Meanwhile, the motorbike has been thoroughly built and adapted for the local use case, with a sturdy frame and two swappable battery packs, ensuring a great product-market fit and maximising local content.
At One Ventures, a Silicon Valley firm is leading Opibus’ fundraising round, which is also sponsored by Factor[e]Ventures and Ambo Ventures. It has a total value of US$7.5 million, including $5 million in stock and $2.5 million in extra grants. The funds will be used to prepare for vehicle scale-up and mass production, which will begin next year.
“We are proud to be backed by globally recognised investors providing a balance between deep-tech and emerging market expertise. We have together reached a clear strategic and visionary alignment – with the conviction that mass manufacturing of electric mobility solutions in Africa will not only make the products more accessible and affordable but also lead to one of the largest industrialisation and welfare transitions of the region in modern time,” said Filip Gardler, chief executive officer (CEO) and co-founder of Opibus.
“The targets and objectives we’ve set for Opibus might seem bold, however, it is a mission that has become more important than ever. We have a responsibility to the coming generations and the earth as a whole.”
Opibus is taking a fundamentals-first approach to providing a compelling customer value proposition that is unique for the African market, according to Helen Lin, principal at One Ventures.
“Their vehicles are half the cost compared to second-hand fossil fuel vehicles and perform better in the harsh road conditions. We are excited to be supporting them in their growth phase to achieve true impact at scale,” she said.