Rwandan Electric Motorcycle Pioneer Ampersand Raises $2 Million for Regional Growth

Ampersand, a Rwandan electric motorcycle manufacturer, has secured an additional $2 million in a Series A extension to support its expansion into other East African countries. This latest funding round brings the company’s total financing to $21.5 million.

The funding round attracted a blend of new and existing investors, including AHL Venture Partners, an Africa-focused venture fund, and Everstrong Capital, an infrastructure investor known for constructing the Usahihi toll road between Nairobi and Mombasa. Beyond Capital Ventures also reinvested, building on its earlier Series A equity commitment.

Ampersand CEO, Josh Whale, stated that this investment would accelerate the mass market rollout of the company’s electric vehicle energy technology and infrastructure. The company aims to deploy 5 million electric motorcycles by 2033.

Founded in 2016 by Joshua Whale, the Kigali-based Ampersand assembles and finances electric motorcycles, which it claims are 45% cheaper to operate and produce 75% fewer emissions compared to petrol-powered alternatives. The company currently operates 18 charging stations across Kigali and Nairobi.

This investment reflects a growing interest among investors in renewable energy and e-mobility solutions. With Africa's motorcycle market valued at approximately $4.87 billion, according to Statista, Ampersand is positioning itself to significantly ramp up production ahead of an upcoming Series B funding round.

Source: Adonijah Ndege / TechCabal