Ampersand, an Africa-focused electric vehicle (EV) energy company, has closed a new funding round to scale its operations. The financing includes a significant working capital facility (USD$7 million)from British International Investment (BII), the UK’s development finance institution.
The deal was enabled by new equity from VCs Seedstars Africa Ventures and Gaia Impact, alongside the Rwanda Green Fund and Raspberry Syndicate. Existing investors, including Ecosystem Integrity Fund, AHL Ventures, Acumen, and TotalEnergies, also increased their stakes. The company did not disclose the total size of the round.
The capital will be used to expand Ampersand’s electric motorcycle fleet and its network of battery-swapping stations in East Africa. The company plans to double its battery fleet by early 2026.
“This funding marks a vote of confidence in our mission to electrify Africa’s most important form of transport,” said Josh Whale, CEO of Ampersand.
The Model: Battery-as-a-Service
Ampersand targets Africa’s vast market of motorcycle taxi riders, often known as boda bodas. As fuel subsidies are removed across the continent, these riders face increasing operational costs. Ampersand claims its electric motorcycles can double a rider’s take-home earnings compared to petrol models.
The company operates a vertically integrated system that includes its proprietary battery packs, management software, and a network of swap stations. This model allows riders to exchange depleted batteries for fully charged ones in minutes, bypassing the high upfront cost of battery ownership and the challenges of slow, grid-based charging.
The company currently manages a fleet of over 8,000 batteries, powering more than 6,000 electric motorcycles. This fleet facilitates over 20,000 battery swaps daily and covers a collective distance of more than 900,000 km each day. According to Ampersand, its e-motorbikes outsell competitors by a ratio of 9-to-1 in Kigali, Rwanda, and 4-to-1 in Nairobi, Kenya.
Blended Finance and Investor Confidence
The funding round is structured as a blended finance deal. The new equity investments were crucial in securing the debt facility from BII, a structure designed to attract further capital from local and international lenders.
“Our decision to invest came down to three factors: the proven quality of the product, the business model’s capital efficiency, and the execution capacity of the team,” said Maxime Bouan, General Partner at Seedstars Africa Ventures. “The team’s ability to execute in a complex operating environment, scale efficiently, and deliver measurable impact is impressive.”
Investors pointed to the company’s strong performance metrics as a key driver for the deal. Ampersand reports that 99% of its batteries remain active after 18 months of use and that its customer revenue retention rate is over 100%.
“Electric mobility is a game-changer for inclusive, low-carbon growth, particularly in East Africa,” added Seema Dhanani, Regional Director for East Africa at BII. “Our investment in Ampersand reflects BII’s commitment to backing climate innovation that delivers real impact.”
While continuing to scale in its home market of Rwanda, Ampersand reports it has reached profitability in Kenya, its second market. The company is also collaborating with global battery manufacturer BYD to accelerate its battery production and development.