Ampersand raises over $7 million to scale expansion

From the newsletter 

Ampersand, the East African electric mobility company, has secured $7 million from British International Investment (BII). The total amount raised is higher, as an undisclosed sum has also been contributed by seven other investors, some of whom hold existing equity stakes, reflecting a growing confidence in the company’s expansion plans and market potential.

• In December 2023, Ampersand raised $19.5 million in a mix of equity and debt. Investors then included Beyond Capital Ventures, Ecosystem Integrity Fund, AHL Ventures and TotalEnergies.

• Ampersand has recently attracted top talent to expand operations, shifting focus to Kenya and away from its launch market Rwanda, which is still believed to lead in terms of sales.

More details

• The investment was backed by the Rwanda Green Fund, Raspberry Syndicate, Seedstars Africa Ventures, and Gaia Impact. Existing investors, including Ecosystem Integrity Fund, AHL Ventures, Acumen, and TotalEnergies, also took part.

• Ampersand plans to expand its electric motorcycle fleet, battery swap network, and charging infrastructure. The company intends to grow its fleet from 6,000 to 13,000 electric motorcycles and double its battery inventory by early 2026, enabling over 35,000 daily battery swaps compared to the current 20,000.

• While continuing to strengthen its presence in Rwanda, Ampersand has already achieved profitability in Kenya, its second market. The company reports that its electric motorbikes outsell rivals by a margin of 9 to 1 in Kigali and 4 to 1 in Nairobi.

• This marks Ampersand’s first funding deal in 2025, following its $2 million raise in December 2024. The company now joins other EV-only firms such as Gogo Electric (Uganda), ARC Ride (Kenya), Kofa (Ghana), Bee (Cameroon), and Pixii Motors (Tunisia) that have also secured investment this year. Notably, this is the second-largest disclosed deal in the sector after Kofa’s $7.6 million raise in April.

• Ampersand has been strategically positioning itself for expansion through partnerships, talent growth, and technology development. In 2024, it signed an agreement with BYD to advance battery technology solutions. By July 2025, the company had grown its workforce by 72 employees over the past year, bringing its LinkedIn-verified headcount to 230 (a 31% year-on-year increase) as tracked by Mobility Rising.

• In a previous interview, Ampersand’s CEO Josh Whale highlighted that much of the investment landscape remains skewed towards private equity, with large raises dominated by players such as LeapFrog, Helios, and Lightrock, while venture-style funding remains limited. Mr. Whale emphasised that the combination of regulatory risks, technology uncertainty, and investor risk aversion makes it particularly difficult for emerging firms in the sector to attract the right level of growth capital.

Our take

• Leading electric mobility startups in East Africa are increasingly shifting their focus towards regional expansions. Their growth ambitions are supported by favourable market dynamics, particularly the rising appetite for clean, cost-effective transport solutions.

• Evidence of this trend is visible in company movements after acquisition of funding, with Zembo signalling intentions to enter Kenya through new hires. At the same time, Spiro, Roam, and BasiGo are extending operations into peri-urban and intercity routes, reflecting confidence in wider market adoption.

• Tanzania’s ecosystem, while showing signs of activity, has not yet benefitted from substantial investment compared to neighbouring countries. Despite this, firms like Chaja Africa, E-Motion, and Ekoglobe are laying the groundwork for future breakthroughs as the market gradually evolves.