Kenya-based electric mobility company ROAM has successfully completed a Series A funding round totaling $24 million in equity and debt to expand local production and further electrify mobility across Africa.
ROAM is a growing Kenyan company with origins in Sweden that remains relatively young, recently eclipsing a mere five years of existence. In that short time, we’ve covered much of the company’s progress in developing, designing, and manufacturing all-electric Air motorcycles and buses, plus sustainable fast-charging technologies to support them.
Aside from fully-electric transit buses, ROAM currently operates East Africa’s largest electric motorcycle plant, where it is working to eventually expand to an output of 50,000 units per year. To achieve goals like that, plenty of cash is required.
Following a recent Series A funding round, ROAM has garnered $24 million which offers it more runway to continue its journey in enriching the daily lives of East Africans and beyond.
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Source: ROAM -
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Fresh ROAM funding to support electrification in Africa
ROAM states its completed funding round totaled $14 million and was led by Equator Africa in addition to investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, as well as money from private investors and other institutions.
The Kenyan mobility company also garnered an additional $10 million debt commitment from the US government’s International Development Finance Corporation (DFC). ROAM CFO Rajal Upadhyaya shared his gratitude following the funding round and spoke about the company’s future in mobility:
As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers.
ROAM states that the secured funding will be used to scale production at the ROAM Park facility mentioned above, in addition to investments in research and tooling technologies in order to optimize production costs and streamline its local and global supply chains.
To date, ROAM says it has captured or mitigated over 120,000 tons of carbon emissions in Africa and will continue its long-term goal of transitioning Africa’s transport sector toward effective and affordable electric alternatives.
If you haven’t heard of ROAM before, you should check it out. The team is doing some really exciting stuff in Kenya and has an inspiring company ethos that truly supports its community and culture. Check out ROAM’s latest video below: