Kenya-based electric mobility company Roam has raised $24 million to fund its expansion across Africa and transition the continent’s transport sector to affordable electric vehicles.
The Series A funding round was led by Nairobi-based Equator Africa and included numerous prominent investors. Additionally, the U.S. International Development Finance Corporation committed to provide an up to $10 million debt facility.
“DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability,” said James Polan, Vice President of DFC.
Roam designs and manufactures electric motorcycles, buses and charging systems tailored for Africa. The company aims to leverage local manufacturing infrastructure to produce cost-efficient electric vehicles.
“At Equator, we are committed to building a future with efficient, accessible and sustainable mobility. Roam’s innovative electric mobility platform is at the forefront of this transformation,” said Nijhad Jamal, Partner at Equator.
The funds will expand Roam’s manufacturing capabilities and scale up production at its new 10,000 sqm facility in Kenya. Ultimately, Roam seeks to fully transition Africa’s transport sector to locally-produced electric vehicles.
“As Africa embraces electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent,” said Rajal Upadhyaya, Roam’s CFO. “This funding is critical for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers.”
So far, Roam has mitigated over 120,000 tonnes of carbon emissions through its electric vehicle adoption in Kenya.
