Rwanda: Electric transport company Ampersand raises $19.5m

Ampersand, an African electric transport energy company, has raised $19.5 million in funding. The venture capital round was led by Ecosystem Integrity Fund.

For the best experience and to access our Connect industry chat platform, download the Africa Private Equity News app: Android | iOS

---

Ampersand, an African electric transport energy company, has raised $19.5 million in funding. The venture capital round was led by Ecosystem Integrity Fund (EIF), with participation from Acumen and Hard Edged Hope Fund.

In addition, the company secured a $7.5 million debt facility from Cygnum Capital’s Africa Go Green (AGG) Fund. This fundraise also includes a S.A.F.E. round with investors such as Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF and Beyond Capital Ventures.

Based in Kigali, Rwanda, Ampersand was one of the first companies to put electric motorcycles on the ground in Africa. The company currently serves 1,700 electric motorcycle riders with battery swaps in Kigali and Nairobi.

“We are delighted to provide continued support to Ampersand as it transitions to a growth-stage company and leads the development of electric transportation in East Africa,” said James Everett, managing partner of Ecosystem Integrity Fund.

Laurene Aigrain, executive director of Africa Go Green Fund commented, “We are honoured to be a part of this groundbreaking transaction and are proud to be amongst such reputable investors. We believe that e-mobility has the potential to transform the African transportation sector. The AGG facility will help make e-mobility more accessible and affordable for people across the continent, while also supporting the development of a green economy.”

“Transport within Africa’s cities is vital to growth and supports the livelihoods of millions. With the innovations in sustainable transport that Ampersand is pioneering, we see a huge potential for improving livelihoods and increasing incomes of those living in poverty. Through Acumen’s investment in Ampersand, we are excited to be supporting a leading innovator in the growing e-mobility sector in Africa,” said Acumen’s Christopher Emmott.

Silicon Valley law firms Wilson Sonsini Goodrich & Rosati and Goodwin Proctor acted for Ampersand and EIF, respectively. Allen & Overy acted for Cygnum Capital.

* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.