Uganda: Cygnum Capital fund invests in electric motorbike business
Africa Go Green Fund has signed a revolving working capital facility with GOGO Electric.
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The Africa Go Green Fund (AGG), managed by Cygnum Capital, has signed a revolving working capital facility with GOGO Electric. The facility will be used to expand GOGO’s electric motorbike production in Uganda.
Uganda’s e-mobility sector has seen strong momentum in recent years, driven by pioneering startups and growing investor interest. GOGO Electric is offering practical, scalable solutions tailored to motorcycle taxi riders – who make up the backbone of Uganda’s urban transport economy. With local players introducing battery-as-a-service models, digital platforms, and ride-to-own financing, Uganda is fast becoming one of the most vibrant e-mobility ecosystems on the continent.
Jakob Hornbach, CEO of GOGO Electric, said, "Every day, our customers make more money by avoiding burning over 6,000 litres of fuel. This saves the government of Uganda more than $10,000 in fuel imports and generates more than 10 MWh in local, renewable electricity consumption per day. This partnership enables us to scale the production, sales and distribution of affordable electric motorcycles and expand our battery swapping network. With support from Africa Go Green and Cygnum Capital, we’re cutting emissions, improving rider incomes, and creating jobs through local manufacturing capacity."
Laurene Aigrain, executive director of Africa GoGreen Fund, added: "We are proud to support GOGO Electric in its mission of advancing sustainable transport solutions in Uganda. E-mobility holds immense potential to deliver environmental and economic benefits, particularly when tailored to local contexts. This facility marks a significant milestone in building a green transport ecosystem and promoting climate-resilient growth in East Africa."
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