Rwandan e-bike startup Ampersand received $19.5 M Debt & Equity funding to support its operations
To support its ongoing operations, Kigali-based Ampersand, an electric transport energy company, has raised $19.5 million in debt and equity funding.
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.
Ecosystem Integrity Fund (EIF) led the $19.5 million funding round, with Acumen and Hard-Edged Hope Fund participating. Additional investors included Beyond Capital Ventures, TotalEnergies, Societe Petrolieres du Rwanda, Alphamundi VC, and EIF. A US$7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund is also included.
“Our made-in-Africa battery fleet already leads the world in cost per km and uptime for light-electric vehicles. Our technology continues to advance, and alongside the now rapid march of government e-mobility policies across Africa and the removal of fuel subsidies, our addressable market continues to grow. With this funding, we are on track to deliver thousands more electric motorcycles in the coming months,” said Josh Whale, CEO and founder of Ampersand.
“The strong support of both existing and new investors, despite the current challenging fundraising environment, reflects their confidence in our business model, technology, customer-centric approach, strong unit economics, and competitive advantage. It also reflects our investors’ commitment to supporting the green transition in Africa. We are very pleased by the trust placed in us by our growing investor base and look forward to continuing to partner with them to meet the fast-growing demand for electric mobility on the continent.”
“We are delighted to provide continued support to Ampersand as it transitions to a growth-stage company and leads the development of electric transportation in East Africa,” said James Everett, managing partner of Ecosystem Integrity Fund.
