Zeno Gears Up for Electric Revolution in East Africa with $9.5M Seed Funding
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Zeno, a startup led by Tesla alumnus Michael Spencer, has successfully raised $9.5 million in an oversubscribed seed round aimed at revolutionizing Africa's energy and transport sectors. The round was spearheaded by Lowercarbon Capital and Toyota Ventures, with contributions from 4DX Ventures, Active Impact, Advantedge, MCJ, and RedBlue.
Zeno plans to introduce swappable battery technology across East Africa by early 2025, starting with electric motorbikes. Customers will have the flexibility to either purchase or lease the bikes, with the base model priced below that of traditional gasoline-powered options when bought without a battery. The startup will offer battery leasing via a pay-per-use or subscription model, although buyers can also opt to purchase the battery outright.
East African countries like Kenya, Rwanda, Uganda, and Tanzania are leading the charge in adopting electric vehicles. With this move, Zeno will compete with other regional EV players, such as Rwanda’s Ampersand, which recently secured $2 million in equity, and BasiGo, which raised $225,000 to improve its charging infrastructure.
Source: Abdullah Ajibade / TechPoint Africa
4DX Ventures
4DX Ventures is a Pan-Africa focused VC firm. The firm was founded in 2014, however was started officially in 2017. Focus on industries such as fintech, B2B e-commerce, healthcare and logistics.
AdvantEdge Founders
AdvantEdge is an early-stage venture capital firm and a startup incubator.
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