Ampersand, an electric motorcycle manufacturer in Rwanda, has raised an additional $2 million in its Series A extension round, increasing its total funding to $21.5 million. This new capital will support the company’s expansion into other East African markets. The funding round included participation from both new and existing investors, such as AHL Venture Partners and Everstrong Capital, with Beyond Capital Ventures also reinvesting.
Ampersand is headquartered in Kigali, Rwanda, where it assembles and finances electric motorcycles. The company’s motorcycles are reportedly 45% cheaper to operate and emit 75% fewer emissions compared to their petrol-powered counterparts, which currently dominate the market. Ampersand also operates 18 charging stations across Kigali and Nairobi.
The latest funding round highlights a growing investor appetite for renewable energy and e-mobility solutions in Africa, where the motorcycle market is estimated to be worth $4.87 billion, according to Statista.
Looking ahead, Ampersand is preparing for a Series B funding round that will support the ramp-up of its production capabilities in Kigali and Nairobi. This follows a significant deal struck in June 2024 with Chinese electric vehicle and battery manufacturer BYD, aimed at producing 40,000 electric motorcycles in Kenya and Rwanda by the end of 2026.
Ampersand’s innovative approach and continued success underscore the potential for sustainable transportation solutions in Africa, paving the way for a greener, more efficient future in mobility.
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