Kenya's Roam Secures $24 Million in Series A Funding

Kenya's Roam Secures $24 Million in Series A Funding

By Staff Writer, 16 February 2024

Roam, an electric vehicle (EV) startup headquartered in Kenya, has successfully raised $24 million in a Series A funding round aimed at accelerating the production of electric motorcycles and buses.

The funding includes a substantial commitment of up to $10 million in debt from the U.S. International Development Finance Corporation (DFC).

The round was led by Equator, an Africa-focused climate tech venture capital fund.

Several other investors also participated, including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

This significant investment arrives as Roam intensifies its efforts to scale up the assembly of its Move bus model, which was introduced last year.

The company recently established a new and larger motorcycle assembly plant.

Albin Wilson, Roam's Chief Product and Strategy Officer, expressed the company's objectives for the year, stating, "The goal this year is to increase and achieve stability in production to meet demand. We aim to reach a production rate of 1,000 motorcycles per month, as we believe this is where we can effectively address the market's needs."

Roam has developed a hybrid charging solution for its motorcycle customers, allowing them to recharge batteries either at home or through the company's swap stations.

Previously, Roam indicated that it could assemble up to 40 Move buses per month at maximum production capacity.

These 42-seater buses, with a range of 200 kilometers, are manufactured in Kenya utilizing components sourced from China.

They are primarily targeted at schools and the public transit sector, boasting features designed to suit local usage conditions, such as high ground clearances.

In addition to expanding production, the company plans to allocate funds towards research and tooling to enhance the vertical integration of its products, further solidifying its position in the EV market.

Source: Annie Njanja / TechCrunch

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