An electric motorcycle manufacturer based in Rwanda, recently secured a $2 million Series A extension to support its expansion into other East African countries. This additional funding brings the total investment in the company to $21.5 million.
The funding round attracted a mix of both new and existing investors, including AHL Venture Partners and Everstrong Capital. Ampersand’s CEO, Josh Whale, expressed excitement about the investment, stating that it will help accelerate the company’s EV energy technology and infrastructure rollout, aiming to deploy 5 million electric motorcycles by 2033.
Established in 2016, the Kigali-based company specializes in assembling and financing electric motorcycles. Ampersand emphasizes that its motorcycles are more cost-effective and environmentally friendly compared to traditional petrol options dominating the market. Additionally, the company operates 18 charging stations in Kigali and Nairobi.
This funding round highlights a growing interest among investors in renewable energy and e-mobility initiatives. With Africa’s motorcycle market estimated at $4.87 billion, there is a significant opportunity for sustainable transportation solutions on the continent.
Looking ahead, Ampersand is preparing for a Series B round to further scale up its production capabilities in Kigali and Nairobi.
Whale reiterated the company’s commitment to revolutionizing transportation in Africa by providing affordable, eco-friendly mobility solutions that also contribute to job creation and economic development across the region.
In a significant move, Ampersand partnered with a Chinese electric vehicle and battery manufacturer to manufacture 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.
