Kenya: British International Investment backs electric motorbike company
BII has announced $5 million in financing for ARC Ride.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
British International Investment (BII) has announced $5 million in financing for ARC Ride to support the adoption of electric vehicles in Kenya.
BII’s investment will support the initial deployment of 5,000 electric two-wheelers – commonly known as boda bodas – and the expansion of ARC Ride’s battery swapping infrastructure across East Africa.
"In Kenya, a boda boda is more than just a motorbike; it's a crucial part of the transportation system, helping millions of people to commute. That is why electrifying boda bodas is essential for creating a green and sustainable future for the country. As the UK’s DFI, we are backing new technology and innovative companies such as ARC Ride to accelerate the transition and have a transformative impact on people and the planet," said Seema Dhanani, coverage director for East Africa at BII.
"This strategic partnership between ARC Ride and BII marks a significant milestone in our ongoing efforts to expand scale and expand our pan-African footprint. Together, we will ensure millions of clean kilometres will be driven. Putting more money in the pockets of our riders whilst protecting the environment," said Joseph Hurst, CEO of ARC Ride.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here