Roam secures $24m Series A funding to accelerate innovation, electric vehicle production in Kenya

Roam secures $24m Series A funding to accelerate innovation, electric vehicle production in Kenya

Published: 19-02-2024 11:38:00 | By: Pie Kamau | hits: 1270 | Tags:

Roam, an electric mobility player in electric vehicle (EV) innovation in Africa, is set to expand its operations in Kenya, following a $24 million Series A funding round. 

This funding round was led by Equator Africa and includes investments from Renew Capital, At One Ventures, TES Ventures, The World We Want, and One Small Planet, among other prominent private and institutional investors. Included in the $24 million is a commitment from the U.S. International Development Finance Corporation (DFC) to provide Roam with an up to $10 million debt facility.

Rajal Upadhyaya, CFO of Roam: "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 will use the investment to enhance the local manufacturing capabilities at their 10,000 sqm facility (East Africa’s largest electric motorcycle assembly plant), invest in production tooling for cost reductions and streamline both local and global supply chain networks.

Since its inception in 2017, Roam has been committed to creating a greener, more sustainable future for Africa. The investment will support Roam's long-term goal of transitioning Africa's public transport sector to effective, affordable electric buses and motorcycles.

Esther Mwikali, Investment and Project Manager, Renew Capital: ''Renew Capital is committed to backing innovative leaders like Roam, who bring a unique combination of skills, determination, and passion to their work. Roam's dedication to transforming Africa's transportation system resonates deeply with our investment philosophy. We're honored to be part of their journey in redefining African transport, making it more efficient, sustainable and eco-friendly.''

Nijhad Jamal, Partner, Equator: "At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility. Roam's innovative electric mobility platform is at the forefront of this transformation, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities."

Roam's commitment to innovation and sustainability was recently highlighted during a visit by Kenya's President, His Excellency William Ruto, to the Roam Park facility. The president's visit underscores the national and international significance of Roam's work in advancing green technology and manufacturing in the region.