Ampersand, a pioneering electric vehicle energy provider focused on Africa, has completed a new financing round aimed at boosting its operational scale. The investment includes a substantial working capital facility from British International Investment (BII), the United Kingdom’s development finance institution. This capital infusion marks a significant milestone in the company’s mission to electrify two-wheeler transport across the continent.
Investor Backing and Strategic Support
The deal was made possible through fresh equity contributions from venture capital firms Seedstars Africa Ventures and Gaia Impact, alongside participation from the Rwanda Green Fund and Raspberry Syndicate. Long-standing backers, including Ecosystem Integrity Fund, AHL Ventures, Acumen, and TotalEnergies, also expanded their commitments. While the exact size of the round remains undisclosed, the scale and diversity of the investor base signal growing confidence in Ampersand’s business model.
Expansion Plans and Fleet Goals
Proceeds from the funding will be directed toward expanding the company’s electric motorcycle fleet and enlarging its battery-swapping infrastructure in East Africa. The firm aims to double its battery inventory by early 2026, underscoring its ambitions for rapid market penetration. CEO Josh Whale described the investment as a strong endorsement of Ampersand’s vision to transform Africa’s most widely used mode of transportation.
The Battery-as-a-Service Model
Ampersand’s strategy centers on serving Africa’s extensive network of motorcycle taxi riders, commonly known as boda bodas. With the gradual removal of fuel subsidies across the continent, these riders are facing escalating operating expenses. Ampersand asserts that its electric motorcycles can significantly increase riders’ earnings compared to traditional petrol-powered bikes.
Integrated Infrastructure for Efficiency
The company has developed a vertically integrated ecosystem comprising proprietary battery packs, in-house management software, and a network of rapid battery-swapping stations. This system enables riders to exchange depleted batteries for fully charged units in minutes, eliminating high upfront battery costs and avoiding the delays of grid charging. By addressing these operational challenges, Ampersand positions itself as a cost-effective, scalable solution for the region’s transport needs.
Performance Metrics and Market Reach
Currently, Ampersand manages a fleet of more than 8,000 batteries serving over 6,000 electric motorcycles. These assets facilitate in excess of 20,000 battery swaps each day, covering a combined distance of nearly one million kilometers daily. Market data shows Ampersand outperforms competitors, with sales ratios of nine-to-one in Kigali, Rwanda, and four-to-one in Nairobi, Kenya.
Blended Finance Structure and Investor Confidence
The latest funding is structured as a blended finance arrangement, with equity commitments playing a pivotal role in securing BII’s debt facility. This approach is intended to attract further local and international lenders to the company’s expansion plans. Seedstars Africa Ventures’ General Partner Maxime Bouan cited product quality, capital efficiency, and the team’s execution capacity as the primary factors influencing their investment decision.
Sustainability and Operational Impact
Investors have highlighted Ampersand’s operational resilience and impressive product lifecycle, noting that 99% of its batteries remain active after 18 months of use. The company also boasts a customer revenue retention rate exceeding 100%, indicating strong user satisfaction and repeat engagement. BII’s East Africa Regional Director, Seema Dhanani, emphasized that the investment aligns with BII’s goal of supporting climate-positive innovations with tangible community benefits.
Regional Growth and Strategic Partnerships
While maintaining its leadership in Rwanda, Ampersand has reported profitability in Kenya, its second market of operation. This achievement demonstrates the scalability and commercial viability of its business model beyond its home market. The company is also partnering with global battery manufacturer BYD to enhance battery production and accelerate technological development.
Ampersand’s latest funding round reinforces its position as a frontrunner in Africa’s electric mobility sector. With expanded resources, the company is set to increase its fleet, grow its infrastructure, and further improve access to clean, affordable transport solutions for motorcycle taxi riders. As investor confidence builds and operational metrics strengthen, Ampersand appears poised to drive meaningful change in the region’s transition toward sustainable transport.