Electric vehicle manufacturer secures $7.5m funding
Opibus, an electric vehicle manufacturer, has raised $7.5 million in funding led by Silicon Valley fund At One Ventures, further supported by Factor[e] Ventures and Ambo Ventures.
Opibus, which has existing customers across six countries in Africa, is a provider of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost effective products designed for the pan-African mass-market. The company has a unique approach to both heavy electric vehicles and electric motorcycles. The proprietary powertrain enables existing heavy commercial vehicles such as buses and trucks to be converted to electric – thereby reducing cost, resource use and giving the vehicles a second life. The motorcycle is fully designed and tailored for the local use case, with a robust frame and dual swappable battery packs.
The closed fundraising consists of $5 million in equity and $2.5 million in additional grants, totaling to $7.5 million. The investments will be used to prepare for scale up and mass manufacturing starting 2022.
Opibus was founded in 2017, and has over the years developed products in three main segments: electric motorcycles, electric public transport/commercial vehicles as well as charging and energy solutions. The focus is on creating a sustainable ecosystems for mass transport in Africa.
“We are proud to be backed by globally recognised investors providing a balance between deep-tech and emerging market expertise. We have together reached a clear strategic and visionary alignment – with the conviction that mass manufacturing of electric mobility solutions in Africa will not only make the products more accessible and affordable, but also lead to one of the largest industrialisation and welfare transitions of the region in modern time,” said Filip Gardler, CEO and co-founder of Opibus.
“Opibus is taking a fundamentals-first approach to delivering a compelling customer value proposition that is tailored for the African market. Their vehicles are half the cost compared to second-hand fossil fuel vehicles, and perform better in the harsh road conditions. We are excited to be supporting them in their growth phase to achieve true impact at scale,” says Helen Lin, principal, At One Ventures.
“The electric mobility space in Africa represents a huge opportunity; not only to provide a better service at a lower cost to customers, but also to reduce carbon emissions and avoid deadly exposure to particulate pollution on a local level,” notes Morgan DeFoort, managing partner, Factor[e] Ventures.
Open Capital Advisors was the exclusive financial advisor and Qap Legal Advisors was the legal advisor to Opibus on this transaction.
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