- Roam, a Kenyan mobility start-up, secures $24 million in Africa’s electric vehicle expansion funding.
- Equator Africa, a United Kingdom government venture capital firm, leads the funding.
Kenyan mobility start-up Roam makes a bold return with a $24 million funding boost. This injection aims to expand its presence in Africa’s electric vehicle market.
Roam specialises in assembling electric vehicles and motorcycles in Kenya. The Series A financing round garners $24 million for Roam.
CEO Filip Lövström leads the company’s ambitious growth plans. The funding mix includes equity and debt components.
Roam plans to scale up its fleet of e-motorbikes and mass transit vehicles. The company operates from a 10,000 m2 factory in Nairobi. Equator Africa, a UK government venture capital firm, leads the funding.
Equator Africa’s investment totals up to $14 million. Investors like the US Development Finance Corporation (DFC) join in.
The DFC, initiated under President Donald Trump, contributes $10 million. Roam earmarks the $24 million for R&D and expansion.
The funds will also go into establishing new exchange terminals. These terminals cater to “Roam Air” drivers. “Roam Air” offers dual-battery, 90 km/hour vehicles.
These vehicles aim to streamline deliveries and reduce pollution. Roam plans to deploy its fleet in Ghana, Nigeria, and other countries. With this funding, Roam is set to lead Africa’s electric vehicle charge.