Ampersand raises workforce by a third as it eyes expansion

From the newsletter 

Electric motorcycle company Ampersand has increased its employee count by 72 in the past 12 months, according to analysis of LinkedIn data by Mobility Rising. The company has 230 workers with profiles on the platform, an increase of 31% from a year earlier. This comes as the company, which operates in Rwanda and Kenya, seeks to expand to new markets. 

• Ampersand’s employee growth is the third largest in the sector in the past year, only coming behind US-based Tesla, which added at least 918 individuals to its Africa workforce and electric motorcycle firm Spiro, which expanded by at least 206 during the period. 

• Founded in 2016, Ampersand builds electric motorcycles, now branded Alpha, and operates an integrated battery‑swap and energy management network across East Africa.  

More details

• Ampersand is continuing its hiring spree, mainly in its existing markets, signaling intra-market expansion. Last week, the company advertised for two new open roles, according to Mobility Rising’s Jobs Board. Ampersand is hiring a senior accountant in charge of inventory and fixed assets, and a senior accountant in charge of receivables. Both will be based in Rwanda. 

• While Ampersand currently operates in only two markets – Rwanda and Kenya – the company has big ambitions to expand into more markets not only in Africa but across the world. The firm believes its electric motorcycles, which it assembles, are of higher quality than those available in many markets, which would allow it to compete favourably.

• “The Kenya market for motorbikes is very big, but you know, we can go to other places. And to be honest, we can go outside of Africa. Now we know that what we have is far and away, far more advanced than anything on the road in India. We have customers from India, partners from India, we've got others from South America coming and knocking on our doors,” said Ampersand CEO Josh Whale in an interview with Mobility Rising in May. 

• Ampersand plans to deploy 5 million electric motorcycles by 2033. The company mainly sources its batteries from Chinese EV giant BYD. In June 2024, the two companies announced a deal in which Ampersand will purchase BYD’s high-tech battery cells to build around 40,000 electric motorcycles by the end of 2026, with the long-term goal of electrifying a large portion of Africa’s 30 million commercial motorbikes. 

• The company has raised approximately $33 million across multiple funding rounds to date. The biggest funding came in late 2023, when it raised $19.5 million in a combined equity and debt round (including $7.5 million in debt) led by EIF, Acumen, and others to scale production, swap stations, and R&D. 

• Competition is escalating in the electric motorcycle industry, with newer entrants like Spiro, TankVolt and Zeno causing waves in multiple markets across the continent. However, in the majority of markets, demand for electric motorcycles remains higher than supply, which is constrained by limited local assembly capabilities.  

Our take

•  With rivals like Spiro and TankVolt rapidly growing across the continent, Ampersand will need to accelerate production, battery swaps, and R&D to maintain its edge. Its BYD partnership and 40,000-bike target by 2026 will be crucial here. 

• With growing confidence in its technology and rising employee count, Ampersand is well-positioned to expand into countries like Uganda, Tanzania, or Nigeria, where boda boda markets are large and urban electrification is a policy priority.  

• Interest from India and South America signals potential, but entering these highly competitive, price-sensitive markets will require significant investment, partnerships, and possibly a low-cost model variant to succeed.