Funding Review: October was year-high

From the newsletter

Four African electric vehicle companies raised a total of $119.5 million funding in October. This is a twelve-fold growth from the $10 million raised in September in a single deal. The funding data was collected by The Big Deal Africa and Mobility Rising. It is the first time that total funding to the EV sector has breached the $100 million mark since February 2024.  

• Electric two-wheelers continue to dominate the funding landscape, accounting for 87% of the amount raised in October, while battery manufacturing accounted for 13%. 

• A widening gulf in ticket sizes is becoming apparent in the sector. Spiro is leveraging its large customer base to raise big sums, even as most EV startups struggle to raise single-digit million dollars. 

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