Rwanda’s EV tech firm Ampersand raised additional investment to hit $21.5 M

Ampersand, an electric vehicle energy technology company based in Rwanda, has secured additional funding, bringing its total fundraising in the past year to $21.5 million.

Founded in 2016, Ampersand assembles and finances electric motorcycles that outperform the five million gasoline motorcycle taxis currently in use throughout East Africa and are less expensive to purchase and operate.

Ampersand’s fleet grew to over 1,000 members after its commercial launch in May 2019, and by late 2024, it is anticipated to surpass 10,000 members. The business raised an additional, undisclosed sum of money in addition to the US $19.5 million it received in January of this year.

With this investment, AHL Venture Partners, a venture fund with an emphasis on Africa, and Everstrong Capital, an infrastructure investor building the Usahihi toll road between Nairobi and Mombasa, have brought Ampersand’s total funding for the past 12 months to US $21.5 million. In an additional investment, Beyond Capital Ventures has upped its Series A equity commitment.

The company will be able to continue growing in East Africa, where 100 million people use motorcycle taxi or delivery services, known as “boda bodas,” thanks to these additional investments made ahead of Ampersand’s Series B. The company’s electric motorcycles are a strong substitute for gasoline-powered bikes because they are at least 75% less polluting and require 45% less fuel.

“This latest funding is a testament to the strong investor confidence in our business model as we continue to scale and innovate within the African e-mobility sector. With continued urbanisation, our mission to electrify transport, cut carbon emissions and drive clean economic prosperity is more crucial than ever,” said Josh Whale, CEO of Ampersand.

“This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying five million electric motorcycles by 2033. As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent.”