More
    HomeEcosystem NewsLatest FundingRoam Secures $24M Series A Funding to Accelerate Electric Mobility Expansion in...

    Roam Secures $24M Series A Funding to Accelerate Electric Mobility Expansion in Africa

    Published on

    spot_img

    Roam, the Kenya-based trailblazer in electric vehicle (EV) innovation in Africa, is gearing up for a substantial expansion of its operations following the successful conclusion of a $24 million Series A funding round. The funding, led by Equator Africa, saw participation from key investors including Renew Capital, At One Ventures, TES Ventures, The World We Want, and One Small Planet. Notably, the U.S. International Development Finance Corporation (DFC) has committed to providing Roam with up to $10 million in debt facilities.

    This injection of capital is set to propel Roam’s efforts in advancing electric mobility in the region. The company, founded in 2017 with a commitment to fostering a greener and more sustainable future for Africa, plans to utilize the funds to bolster local manufacturing capabilities at its 10,000 sqm facility, touted as East Africa’s largest electric motorcycle assembly plant. Additionally, investments will be made in production tooling to enhance cost-effectiveness and to optimize both local and global supply chain networks.

    The ambitious goal of Roam is to revolutionize Africa’s public transport sector by introducing effective and affordable electric buses and motorcycles. The recent funding is seen as a crucial step in realizing this long-term vision.

    Renew Capital, one of the leading investors in the Series A round, expressed their commitment to supporting innovative leaders like Roam. Esther Mwikali, Renew Capital Investment and Project Manager, stated, “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.”

    Equally enthused about the investment is the U.S. International Development Finance Corporation. James Polan, Vice President of the Office of Development Credit at DFC, said, “This significant transaction will support the expansion of Roam’s electric mobility offerings and resonates with our goals for a cleaner future.”

    Roam’s CFO, Rajal Upadhyaya, expressed gratitude for the investor support, emphasizing its critical role in achieving the company’s strategic objectives. “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,” he stated.

    Roam’s commitment to innovation and sustainability received recognition during a recent visit by Kenya’s President, His Excellency William Ruto, to the Roam Park facility. The visit underscores the national and international significance of Roam’s work in advancing green technology and manufacturing in the region.

    With this substantial investment, Roam is poised to play a pivotal role in reshaping the landscape of electric mobility in Africa, ushering in a cleaner and more sustainable future for the continent’s transportation sector.

    Latest articles

    R&D Maroc, the Fund Manager Behind Morocco’s Innov Invest Fund, Returns to the Scene

    Under the second edition of the Innov Invest Fund, R&D Maroc will offer the “Tech Start” program to startups that have progressed beyond the Proof of Concept stage and are ready to develop prototypes or Minimum Viable Products.

    With Over 200 Angels, $10M Renew Venture Lab Fund 2 Seeks Asset-light African Startups

    “Our journey began in 2012, and since then, we’ve been committed to supporting innovation and growth in African startups.”

    South African Climate-tech Plentify Secures Funding for International Expansion

    “Plentify may have cracked the code on how to architect energy management in the smart home of the future — enabling homes to cheaply and easily maximize their solar self-consumption.”

    Egypt’s Kemitt Secures Undisclosed Funding, Expands into Saudi Arabia

    With over 100,000 SKUs, Kemitt’s unique on-demand manufacturing model ensures orders are delivered efficiently within 7 to 12 days.

    More like this

    R&D Maroc, the Fund Manager Behind Morocco’s Innov Invest Fund, Returns to the Scene

    Under the second edition of the Innov Invest Fund, R&D Maroc will offer the “Tech Start” program to startups that have progressed beyond the Proof of Concept stage and are ready to develop prototypes or Minimum Viable Products.

    With Over 200 Angels, $10M Renew Venture Lab Fund 2 Seeks Asset-light African Startups

    “Our journey began in 2012, and since then, we’ve been committed to supporting innovation and growth in African startups.”

    South African Climate-tech Plentify Secures Funding for International Expansion

    “Plentify may have cracked the code on how to architect energy management in the smart home of the future — enabling homes to cheaply and easily maximize their solar self-consumption.”