E-Mobility Start-Up Roam Motors Secures Ksh.3.4 Billion Funding

February 26, 2024 10

Kenya-based Swedish electric vehicle (EV) start-up Roam Motors has announced that it has secured $24 million (Ksh.3.4 billion) in equity and debt.

Roam, which entered the local e-mobility sector in 2017, develops, designs and deploys electric vehicles such as motorbikes and buses tailored for Africa.

The Series A 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 U.S. government through the International Development Finance Corporation (DFC) committed to provide Roam with an up to $10 million (Ksh.1.45 billion) debt facility.

“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,” the company said.

Roam’s products the Roam Air motorcycle, two buses; Roam Rapid and Roam Move, as well as energy and public charging systems.

In 2021, the company shifted from EV conversions to assembly and claims that it was the first company to deliver locally produced electric motorcycles and buses on the continent.

The EV start-up says that to date, it has mitigated over 120,000 tonnes of carbon emissions.