Kenyan Electric Vehicle (EV) manufacturer Roam has successfully secured $24 million in a Series A funding round aimed at expanding its operations within the country. Moreover, the U.S. Government, through the International Development Finance Corporation (DFC), has pledged to extend Roam an up to $10 million debt facility.
The funding initiative was spearheaded by Equator Africa, an Africa-focused climate tech venture capital fund, and saw participation from notable investors such as Renew Capital, At One Ventures, TES Ventures, The World We Want, and One Small Planet, alongside other prominent private and institutional investors.
Roam intends to utilize the investment to bolster its local manufacturing capabilities at its expansive 10,000 square meter facility, recognized as East Africa’s largest electric motorcycle assembly plant. The company aims to channel resources towards investing in production tooling to drive cost reductions and to streamline both local and global supply chain networks.
Since its establishment in 2017, Roam has been steadfast in its mission to foster a greener and more sustainable future for Africa. The influx of investment will play a pivotal role in supporting Roam’s overarching objective of transitioning Africa’s public transport sector towards efficient and affordable electric buses and motorcycles.
Rajal Upadhyaya, the Chief Financial Officer of Roam, expressed gratitude for the unwavering support from investors, emphasizing, “As Africa embraces the transition towards electric vehicle technology, we take pride in the positive impact we are making on the environment and livelihoods across Kenya and the broader continent.” He further underscored the significance of the funding in propelling Roam towards its strategic objectives, particularly in scaling up operations and enhancing utility for its customers.
Roam’s dedication to innovation and sustainability garnered notable attention during a recent visit by Kenya’s President, His Excellency William Ruto, to the Roam Park facility. The company emphasized that the president’s visit serves as a testament to the national and international importance of Roam’s endeavors in advancing green technology and manufacturing within the region.
