Kenyan-based electric mobility startup Roam has raised $24mn in equity and debt in its Series A funding, the company announced on Wednesday.
- The funding round was led by Equator Africa and include investments from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among others.
- Additionally, through the International Development Finance Corporation (DFC), the U.S. Government committed to provide Roam with an up to US$10 million debt facility.
- Founded in 2017 as Opibus, the startup makes electric motorcycles and buses specifically for the African market.
“This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our
customers,” Rajal Upadhyaya, CFO of Roam said.
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.
According to the startup, its motorcycle users can charge their batteries at standard household outlet. Roamis also deploying electric charging stations called Roam Hub, which also provide after-sales services such as the option to rent batteries for a flexible period.
