Ampersand Secures $7M BII Facility to Boost EV Expansion in Africa

Josh Whale, Ampersand CEO

Ampersand, an Africa-focused electric vehicle (EV) energy company, has successfully closed a new funding round to scale its operations. This financing includes a substantial working capital facility of USD $7 million from British International Investment (BII), the UK’s development finance institution.

The deal was facilitated by new equity from Seedstars Africa Ventures and Gaia Impact, as well as the Rwanda Green Fund and Raspberry Syndicate. Existing investors, such as Ecosystem Integrity Fund, AHL Ventures, Acumen, and TotalEnergies, also increased their stakes. The company has not disclosed the total size of the funding round.

The capital will be used to grow Ampersand’s fleet of electric motorcycles and expand its network of battery-swapping stations across East Africa. The company aims to double its battery fleet by early 2026.

“This funding marks a vote of confidence in our mission to electrify Africa’s most important form of transport,” said Josh Whale, CEO of Ampersand.

The Model: Battery-as-a-Service

Ampersand targets Africa’s vast market of motorcycle taxi riders, also known as boda bodas. As fuel subsidies are being phased out across the continent, these riders face rising operational costs. Ampersand claims its electric motorcycles can double a rider’s take-home earnings compared to traditional petrol models.

The company operates a vertically integrated system that includes its proprietary battery packs, management software, and a network of battery-swap stations. This model enables riders to swap depleted batteries for fully charged ones in a matter of minutes, bypassing the high upfront cost of battery ownership and overcoming the challenges of slow, grid-based charging.

Currently, the company manages a fleet of over 8,000 batteries, powering more than 6,000 electric motorcycles. This fleet enables over 20,000 battery swaps daily and covers a combined distance of more than 900,000 km each day. According to Ampersand, its electric motorbikes outsell competitors by a ratio of 9-to-1 in Kigali, Rwanda, and 4-to-1 in Nairobi, Kenya.

Blended Finance and Investor Confidence

The funding round is structured as a blended finance deal. The new equity investments played a crucial role in securing the debt facility from BII, a structure designed to attract additional capital from both local and international lenders.

“Our decision to invest was based on three factors: the proven quality of the product, the capital efficiency of the business model, and the execution capacity of the team,” said Maxime Bouan, General Partner at Seedstars Africa Ventures. “The team’s ability to execute in a complex operating environment, scale efficiently, and deliver measurable impact is impressive.”

Investors cited the company’s strong performance metrics as a key driver for the deal. Ampersand reports that 99% of its batteries remain active after 18 months of use and that its customer revenue retention rate exceeds 100%.

“Electric mobility is a game-changer for inclusive, low-carbon growth, especially in East Africa,” said Seema Dhanani, Regional Director for East Africa at BII. “Our investment in Ampersand reflects BII’s commitment to supporting climate innovation that generates real impact.”

While continuing to scale in its home market of Rwanda, Ampersand has reached profitability in Kenya, its second market. The company is also collaborating with global battery manufacturer BYD to accelerate the production and development of its batteries.

Source: Tech in Africa