Ampersand, an electric transport energy company in Kigali, has secured $19.5 million in funding (both equity and debt) led by Ecosystem Integrity Fund (EIF) to aid its expansion efforts. Established in 2016, Ampersand specializes in assembling and financing electric motorcycles, offering a cost-effective and superior alternative to the widespread petrol motorcycles used in East Africa. Since its launch in 2019, the company’s fleet has grown to over 1,000 motorcycles, with plans to exceed 10,000 by late 2024. The recent funding round included investors like Acumen, Hard Edged Hope Fund, Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF, Beyond Capital Ventures, and a $7.5 million debt facility from Cygnum Capital’s Africa Go Green Fund. CEO Josh Whale expressed confidence in the technology’s growth and highlighted the expanding market due to government e-mobility policies and fuel subsidy removal in Africa. The company aims to deliver more electric motorcycles with this funding and emphasized the investors’ trust in their business model, technology, and commitment to support Africa’s green transition. James Everett of EIF praised Ampersand’s role in leading electric transportation development in East Africa.
