Here are April’s top mobility fund raisers and investors

From the newsletter

Erik Nygard, the founder and CEO of Ghana-based electric mobility company Kofa, was the top fundraiser in April. He led Kofa to raise $8.2 million from a diverse group of investors who pumped equity, debt and grants into his firm, which also operates in Kenya. Prior to founding Kofa, he founded Limejump in the UK, an energy technology firm bought by Shell in 2019.

• The pool of investors who pumped money into electric mobility startups in April was diverse, consisting of both local and foreign investors. It included both for-profit and nonprofit funders, the latter of which provided grants.  

• Regarding entrepreneurs who fundraised, Kofa’s Erik Nygard scooped up 70% of the month’s total funding in the sector ($11.7 million). 

More details

• Mr Nygard, the Kofa founder, led the firm to raise significant capital, which includes $3.25 million in equity, $4.315 million in debt, and $590,000 in grants, from E3 Capital and Injaro Investment Advisors, with contributions from the Shell Foundation and the UK Government’s Transforming Energy Access platform (TEA). Notable European investors also took part, including Richard Thwaites, founder of Penso Power. 

• In April, Michael Maas, the founder of ZImi Charge, led his startup to raise a $0.3 million grant from Energy and Environment Partnership (EEP) Africa Trust Fund. The South African firm seeks to pilot test vehicle-to-grid (V2G) technology, which allows EVs to power homes, businesses, or the national grid. 

• Franck Batchadji, the founder of Cameroonian logistics startup Swyft, raised $0.1m in a venture round from Digital Africa, a subsidiary of Proparco (AFD Group) focused on the development of tech in Africa. It invests directly in innovative startups, focusing efforts on ecosystems underserved by traditional investors.

• Similarly, Digital Africa also invested $0.1 million in Bee Group through a venture round. Bee Group is a Cameroonian company specialising in urban mobility and freight delivery. It was founded by Patrick Timani. 

• Gogo Electric, formerly known as Bodawerk International Ltd., is led by Jakob Hornbach, who serves as the CEO. The entrepreneur led the startup, which specialises in electric motorcycles and lithium-ion battery technology, to raise $3 million in equity investment from the Uganda Development Bank. 

Our take

• While funding for Africa’s electric mobility startups is growing compared to half a decade ago, African governments must accelerate supportive policies for local EV assembly and component manufacturing. 

• The political and economic environment in most African countries is volatile. It means that supply chain resilience and regulatory alignment will be critical to sustaining investor confidence and EV adoption.

• The involvement of European investors and government-backed funds such as AFD in Africa’s electric mobility startups signals broader global interest in Africa’s EV sector.