Kenya’s Roam raises $24 million to help boost EV production in Africa. Roam, an electric mobility startup based in Kenya has reportedly announced $24 million in debt and equity funding to help it get to its goal of expanding across the continent of Africa.
Kenya’s Roam Raises $24 Million
Equator Africa, an African-focused climate tech VC fund, reportedly led a $14 million Series A equity round for the supposed fund. Other investors as you should know are inclusive of At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. Totaling the investment to $24 million, the mobility firm got a $10 million debt commitment from the International Development Finance Corporation of the US Government.
Roam, a Kenyan-based transportation startup, is set to accelerate its mission of promoting the adoption of electric vehicles (EVs) in Africa with a recent investment infusion. The company plans to utilize the investment to enhance its production capabilities, aiming to manufacture up to 1,000 motorcycles per month at its newly established Roam Park facility spanning 10,000 square meters. Additionally, funds will be allocated towards research initiatives and optimizing local and global supply chain networks.
Roam’s Commitment to Reducing Carbon Emissions
By focusing on the development and deployment of electric motorcycles and buses tailored to African consumers, Roam is committed to reducing carbon emissions and fostering environmentally friendly transportation solutions across the continent. Through leveraging locally sourced materials and existing manufacturing infrastructure, Roam aims to drive the adoption of affordable and effective electric vehicles in Africa.
Roam’s Evolution Since Its Inception
Founded in 2017 by Filip Lövström, Albin Wilson, and Mikael Gånge, Roam initially specialized in EV conversions before transitioning to EV assembly in 2021. The startup offers a range of electric vehicles, including the Roam Rapid electric mass transit bus, Roam Air electric motorcycle, and Roam Move electric urban transit bus, along with charging infrastructure solutions.
Roam and International Development Finance Corporation
With strong support from investors like Equator and the U.S. International Development Finance Corporation (DFC), Roam is well-positioned to advance its vision of creating efficient, accessible, and sustainable mobility solutions for African cities. The recent investment builds upon the $7.5 million in equity and grant financing secured by the startup in 2021, further solidifying its commitment to driving positive change in Africa’s transportation landscape.
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