Ampersand, the Rwandan electric motorcycle manufacturer, raised an undisclosed amount in a funding round. This new funding represents new working capital, allowing the company to expand its operations in East Africa.
This round was supported by the British International Investment (BII), a UK development finance institution, along with support from Seedstars Africa Ventures, Gaia Impact, the Rwanda Green Fund, and Raspberry Syndicate. Other investors include Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and Total Energies.
In commenting on this development, founder and CEO Josh Wil noted that support from investors represents a strong backing for its mission to electrify the most important forms of transport in Africa.
He added: "Thanks to support from BII, Seedstars Africa Ventures, Gaia Impact, and Raspberry Syndicate, along with the ongoing support from our committed investors, we can double our battery fleet size by early 2026, providing over 35,000 battery swaps daily and supplying thousands of drivers with a cleaner, cheaper, and better-performing alternative to gasoline-powered motorcycles."
Founder and CEO of Ampersand, Josh Wil
Josh Wil, founder and CEO of Ampersand. (IMG LinkedIn)
Ampersand was founded in 2016 and specializes in electric vehicles, focusing on assembling and financing electric motorcycles. The company is currently executing a massive expansion campaign aimed at launching its motorcycles in East African markets.
One of the company's main ambitions is to deploy up to 5 million electric motorcycles in Africa over the next ten years. The company has pursued this goal after raising $2 million in a Series A expansion funding round last year.
With the recent funding round, Ampersand will use the capital raised to support the expansion of its electric motorcycle fleet, battery swapping network, and battery charging infrastructure across the East Africa region. Ampersand will also seek to solidify its position in the electric mobility sector in Africa.
Sima Danani, the regional director for East Africa at BII, clarified that the investment in Ampersand is evidence of the tremendous growth in the electric mobility sector. According to her, this sector is making a qualitative leap towards achieving inclusive and low-carbon growth, especially in East Africa.
He added: "Our investment in Ampersand reflects BII's commitment to supporting climate innovation that creates real impact - supporting livelihoods, reducing emissions, and helping Africa lead in sustainable transport."
Another investor, Seedstars Africa Ventures, confirmed that its decision to invest in the electric motorcycle company was a result of the quality of its products and business model. It explained that the efficiency of the Ampersand team and their ability to execute is reflected in their effectiveness and capability to achieve results.