Kenyan electric mobility startup Roam raised $24 M funding for pan-African expansion
To hasten its growth throughout Africa, Kenyan electric mobility startup Roam, formerly known as Opibus, has raised US $24 million in debt and equity financing.
Having been established in 2017 and having changed its name earlier this year, Roam is the top supplier of locally designed and produced electric vehicles. Its goal is to provide dependable, reasonably priced goods for the mass market throughout Africa.
The company has now banked an additional US $24 million to expand its production of locally designed and manufactured electric motorcycles and buses, bolstering its mission to revolutionize African transportation with cutting-edge products specifically designed for consumers across the continent. The company originally raised US $7.5 million in equity and grant funding back in 2021.
A $14 million Series A equity funding round led by Equator Africa is part of the financing, with contributions from a number of well-known institutional and private investors, including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. Furthermore, Roam has obtained a debt commitment of US $10 million from the Development Finance Corporation (DFC) of the US government.
The electric motorcycle Roam Air, the electric mass transit bus Roam Rapid, the electric urban transit bus Roam Move, and the energy and public charging systems are among the business segments of Roam. The money raised in this round will go toward strengthening Kenyan manufacturing capacity, increasing output at the recently constructed 10,000 square meter Roam Park facility, funding cost-cutting research and tooling, and optimizing regional and international supply chains.
By utilizing locally sourced parts and the already-existing large-scale manufacturing infrastructure, these initiatives are in line with Roam’s long-term goal of converting the transportation sector throughout Africa to efficient and affordable electric vehicles. The company has achieved a noteworthy milestone in its dedication to inventive electric transport solutions: to date, it has successfully captured or mitigated over 120,000 tonnes of carbon emissions.
“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.
Partner at Equator Nijhad Jamal stated that his company was dedicated to creating a future of sustainable, affordable, and effective 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.
