Ampersand, founded by Josh Whale, is Africa’s first electric transport energy company, and it has just raised US$19.5 million in funding, with which the company aims to deliver thousands more electric motorcycles in the coming months.
The venture capital round was led by Ecosystem Integrity Fund (EIF) and is joined by Acumen and Hard Edged Hope Fund. In addition, the fast-growing company secured a US$ 7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund. This round also includes a successful S.A.F.E. round with investors such as Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF and Beyond Capital Ventures raised over recent months.
Based in Kigali, Rwanda since 2016, Ampersand was the first company to put electric motorcycles on the ground in Africa in May 2019. With a successful four-year track record, the company’s motorcycles have travelled a combined 180 million kilometres and avoided 8,000 tons of carbon emissions.
As at December 2023, Ampersand serves 1,700 electric motorcycle riders with battery swaps. These customers, together, cover 1.4 million km every week in Kigali and Nairobi, powered by 140,000 monthly battery swaps.