BasiGo today announced it has secured a $3 Million equity investment from CFAO Kenya and Mobility 54. CFAO is Africa’s largest automotive distributor network operating in 40 countries across the continent. It is a subsidiary of Toyota Tsusho Corporation. Mobility54 is was founded in October 2019 under a group joint venture between Toyota Tsusho Corporation and CFAO.
This latest funding round comes a little over 3 months after BasiGo raised $5 million in debt from British International Investment. This was to help scale local production of its electric buses. Mobility54 has invested in BasiGo before as they participated in a $6.6 million seed round in 2022 with 7 other investors including Novastar Ventures.
BasiGo did not immediately say what the investment will be used for but they will probably use it to scale local production. In a statement, the company said, “We are proud to welcome CFAO to the BasiGo mission! BasiGo and CFAO are committed to building a complete green value chain in Africa, from renewable energy generation to clean, electric vehicles providing low carbon transport to Africa’s growing cities. With the backing of a market leader like CFAO, our customers and partners can trust that BasiGo is ready to deliver high quality vehicles and services at scale.”
Commenting on this, CFAO said, “CFAO Kenya is committed to carbon neutrality with a dedication to enhancing production, distribution, and efficient utilization of clean energy. With a $3 million investment split between CFAO Kenya and Mobility54, we’re accelerating the scale-up of BasiGo’s electric bus offering in Kenya and Rwanda.”
“Together, we’re investing in electric buses, driving innovation, and paving the way towards carbon neutrality in Africa. Our joint investment in electric buses is not just a step towards greener cities but a commitment to shaping a cleaner, brighter future for the children of Africa,” the company concluded.
