Ampersand, a pioneering Rwandan electric motorcycle startup, has secured a $2 million Series A extension as it prepares to expand its operations across other East African countries. This new round of funding was led by AHL Venture Partners and Everstrong Capital, reinforcing Ampersand’s mission to revolutionize transportation in Africa with sustainable energy solutions.
Accelerating Growth and Expansion
Ampersand’s CEO, Josh Whale, expressed excitement about the additional investment, stating, “This additional investment will accelerate the rollout of our EV energy technology and infrastructure to the mass market, bringing us closer to our goal of deploying 5 million electric motorcycles by 2033.” The company is focused on scaling its innovative electric vehicle (EV) technology, which is designed to provide affordable, low-carbon transportation options that also contribute to economic growth and job creation across the continent.
Whale also hinted at the company’s future plans, mentioning the upcoming Series B round. “As we look ahead to our upcoming Series B, we remain committed to reshaping how Africa moves by delivering affordable, low-carbon transport solutions that also drive green jobs and economic growth across the continent,” he added. This statement reflects Ampersand’s long-term vision of transforming Africa’s transportation landscape through sustainable innovation.
A Strategic Partnership for Decarbonization
This latest investment follows a significant partnership formed in June 2024, when Chinese electric vehicle manufacturer BYD signed a Memorandum of Understanding (MOU) with Ampersand. The partnership aims to collaborate on the decarbonization of Africa’s commercial motorbike transport system, furthering Ampersand’s commitment to reducing carbon emissions and promoting environmentally friendly transportation alternatives across the continent.
The Road Ahead
With this Series A extension, Ampersand is well-positioned to expand its footprint beyond Rwanda and into other key East African markets. The startup’s ambitious goal of deploying 5 million electric motorcycles by 2033 is a testament to its vision of leading the charge in Africa’s transition to sustainable transport. As the company gears up for its Series B round, all eyes will be on how Ampersand leverages this momentum to drive further innovation and growth in the electric vehicle space in Africa.
Read Also: Unilever Nigeria records N1.17 billion FX Profit in Q1, 2024
Ampersand’s progress not only highlights the potential for electric vehicles in Africa but also underscores the continent’s growing role in the global shift towards green energy and sustainable development.