B2B-News – Source: Roam | Roam, a company focused on bringing electric mobility to Africa, has received a significant boost in its mission with the raising of US$24 million in a combination of equity and debt. The Series A round was led by Equator Africa and saw investments from notable sources such as At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. In addition, the U.S. Government, through the International Development Finance Corporation (DFC), committed to providing Roam with a debt facility of up to US$10 million. With this funding secured, Roam is set to accelerate its efforts to revolutionize transportation in Africa.
“DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability” said James Polan, Vice President of the Office of Development Credit at DFC. “This significant transaction will support the expansion of Roam’s electric mobility offerings and resonates with our goals for a cleaner future.”
This significant funding is a major accomplishment for Roam, as they work on creating electric motorcycles and buses specifically designed for the millions of people living in Africa. Through their efforts in design, development, and deployment, they are making great strides towards improving transportation options for African consumers.
Nijhad Jamal, Partner at Equator, stated, “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, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities.”
Roam has brought about major changes in the electric motorcycle industry in Kenya by providing riders with more options and flexibility. One of their key innovations is allowing users to own their own batteries, which can be easily charged at any household outlet. This not only lowers operating costs, but also allows for longer travel distances. Furthermore, Roam has expanded its services by setting up Roam Hub stations – versatile charging stations that offer various post-purchase amenities, such as the ability to rent additional batteries for a customizable duration.
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.”
The funds raised in this round will go towards increasing local manufacturing capabilities in Kenya, expanding production at the 10,000 sqm Roam Park facility, investing in research and development to improve efficiency, and streamlining supply chain networks locally and globally. These efforts align with Roam’s ultimate goal of revolutionizing transportation in Africa through affordable and efficient electric vehicles, using locally sourced parts and existing large-scale manufacturing infrastructure. So far, the company has successfully reduced or prevented over 120,000 tonnes of carbon emissions, a significant achievement in their commitment to providing sustainable electric transport solutions.
