Funding review: French investor makes EV debut

October 07, 2025

From the newsletter

Looking back over fundraising in the past month, we note that French asset management company Mirova, an affiliate of Natixis Investment Managers, has made its first investment in Africa’s rapidly growing electric mobility sector. The fund issued a loan of $10 million to ARC Ride, a Kenya-based electric motorcycle firm. It says it won’t be the last.  

  • The Mirova loan is the biggest debt raised by an African EV company since BasiGo raised $17.5 million debt in October 2024. Only Zembo ($1 million) and Kofa ($4.3 million) have also raised debt in 2025.  

  • Mirova is expected to make further investments in Africa’s EV sector. Its Gigaton Fund has raised more than $171 million and seeks to hit a target of $500 million.

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