Summary
- Roam, has secured $24 million in funding, with $14 million in Series A equity funding led by Equator Africa and an additional $10 million debt commitment from the U.S. Government’s International Development Finance Corporation (DFC).
- The funding will enable Roam to expand local production of electric motorcycles and buses.
- Roam’s long-term goal is to transition the African transport sector to effective and affordable electric vehicles, emphasizing local manufacturing, scalability, and sustainability.
Kenyan-based electric mobility company, Roam, has secured a total of $24 million in funding. this consists of $14 million in a Series A funding round and $10 million in debt commitment. The Series A funding was led by Equator Africa and featuring contributions from At One Ventures, TES Ventures, and others. The additional $10 million debt commitment came from the U.S. Government’s International Development Finance Corporation (DFC). Before this, the last major Seed round by Roam was in November 2021 when the company raised $5 Million through an investment round led by At One Ventures.
Roam designs, develops and deploys electric motorcycles and buses tailored for the African market. It plans to use the funds to expand its production capabilities locally in Kenya. The newly acquired 10,000 sqm Roam Park facility will play a crucial role in scaling up production, improve research for cost efficiencies, and streamlining both local and global supply chain networks.
Roam has a unique offering for the electric motorcycle market in Kenya as it offers users greater flexibility, including the option of battery ownership. This approach allows riders to charge their batteries at standard household outlets thus reducing operational costs while extending the range of travel. Additionally, Roam Hub stations further enhance the utility of their motorcycles by providing after-sales services and the option to rent additional batteries.
What They Said
Rajal Upadhyaya, CFO of Roam, expressed gratitude for the investor support, saying, “As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent. This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers.”
Equator Africa, the lead investor, expressed commitment to building a future with efficient, accessible, and sustainable mobility. The U.S. Government’s International Development Finance Corporation (DFC) also emphasized its pride in supporting initiatives like Roam, aligning with their commitment to fostering innovation and sustainability.
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Also Read: Roam Unveils its first electric buses in Kenya
