Rwanda: AlphaMundi invests in electric motorcycle company
AlphaMundi Group, through its AlphaJiri Investment Fund (AJIF) in Mauritius, invested $1 million in Ampersand, a Kigali-based e-mobility company that assembles electric motorcycles and provides users with battery swap station networks to power the vehicles. AlphaJiri’s investment will support Ampersand in its mission of providing clean and affordable mobility solutions across East Africa.
With the investment, Ampersand will keep expanding its motorcycle fleet and battery swap stations in Rwanda and Kenya, which currently has already reached 800 motorcycles on the road and established 18 battery swap stations.
Daniel Silva, investment manager at AlphaMundi Group said, “We are very excited to partner with Ampersand as it scales across East Africa. We believe the company has a strong value proposition serving the large market of motorcycle taxi and delivery drivers, providing them with an efficient and affordable income-producing asset under an innovative business model. In addition to driving the transformation towards a net zero future in transportation, Ampersand enables its users to increase their take-home income dramatically, providing a strong social and environmental impact. We are confident that our investment will help Ampersand expand and consolidate its position in the e-mobility space in the region.”
Josh Whale, founder and CEO of Ampersand further stated, “We are thrilled to have AlphaMundi on board with this investment, which is building momentum to electrify all of East Africa’s 5 million motorcycle taxis by 2030. AJIF’s support underlines the viability and investability of electric two-wheelers for mass-market customers in the global south, and the importance of this market to reaching net zero. In the aftermath of COP27 we believe more bold, fast-moving, and innovative actions are urgently needed.”