- BasiGo raises financing to accelerate the development of EVs.
- The start-up will extend pay-as-you-drive credit options to encourage EV adoption.
kenya-based start-up, BasiGo has raised $4.3 million to increase the acceleration of electric buses in Nairobi. The start-up proposes an ecological mobility solution that can replace combustion vehicles to cut down carbon emissions.
The funds were raised from a group of Silicon Valley investors, including Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital and Third Derivative. The fundraising was arranged by Novastar Ventures, a venture capital firm based in Nairobi and Lagos, Nigeria. These funds also include $930,000 raised in a similar transaction in the last quarter of 2021.
BasiGo aims to locally assemble its electric buses with capacities of 25 and 36 seats, with a range of about 250 kilometers, using parts from Chinese electric vehicle manufacturer BYD Automotive. In an effort to encourage adoption of these vehicles, the start-up will extend pay-as-you-drive credit options to drivers and provide maintenance and charging services.