Kenya: Electric mobility company secures $24m in funding
Kenya-based electric mobility company Roam has closed its Series A funding round.
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Kenya-based electric mobility company Roam has closed its Series A funding round, securing $24 million in equity and debt.
The round was led by Equator Africa and includes investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other private and institutional investors. Additionally, the US International Development Finance Corporation (DFC) committed to providing Roam with an up to $10 million debt facility.
Roam designs, develops, and deploys electric motorcycles and buses specifically built for consumers across Africa.
Nijhad Jamal, partner at Equator, stated, "At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility. Roam's innovative electric mobility platform is at the forefront of this transformation, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities."
Funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling up production at the new 10,000 sqm Roam Park facility, investing in research and tooling for cost efficiencies, and streamlining local and global supply chain networks.
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