Roam’s crowd raises $100,000 in 24 hours

From the newsletter

Electric motorcycle startup Roam has raised $100,000 in 24 hours from retail investors in its debut crowdfunding campaign that went live on Wednesday. The campaign is being conducted through European crowdfunding platform Crowdcube. Roam plans to raise $2 million in the short term. The firm has also received $1.48 million in pledges from professional investors.  

• Roam plans to use the money to scale production to help meet high demand, launch into Eastern and Southern Africa, expand charging and service locations, and activate go-to-market expansion campaigns. 

• The company has revealed that it has hit an annual recurring revenue of about $8.6 million. With 55 million motorcycles forecast by 2030 across Africa, Roam sees a $15.5 billion serviceable addressable motorcycle market opportunity, with $1.2 billion in Kenya. 

More details