We reveal the top investors in mobility startups

June 05, 2025

From the newsletter

Twelve investors helped mobility startups raise $26.5 million in May. They are Development Partners International, Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital & Camel Ventures. Others are Development Bank of Southern Africa, British International Investment, Digital Africa, Africa Go Green Fund & Cascador. 

  • Overall African startup funding has declined in recent years, but the logistics and mobility sector has seen reasonable funding, particularly in climate-related solutions like EVs and clean energy projects. 

  • Investors are increasingly betting on online car and auto parts marketplaces like Sylndr, with the business experiencing significant growth in recent years. Others that have raised funding recently include Peach Cars (Kenya), Mtor (Egypt), AfriCar (Rwanda) and KIFAL Auto (Morocco). 

More details

  • The funding raised from Development Partners International (DPI), Algebra Ventures, Nuwa Capital, Raed Ventures, Uncovered Fund, Beltone Venture Capital, and Camel Ventures will help Sylndr, a Cairo-based used car startup founded in 2021, to scale its operations. The funding was led by DPI, a $1.1 billion UK-based private equity firm focused on investments in Africa. 

  • The Development Bank of Southern Africa (DBSA) was also a major investor in May, putting $5.5 million in equity financing in Charge, a South African electric vehicle charging company. DBSA has invested in a variety of companies, including Transnet and Absa Group Limited, as well as in renewable energy projects, both through debt and equity.  

  • During the month, British International Investment (BII) expanded its investment portfolio in Africa with a $5 million capital injection into ARC Ride, a Kenyan electric motorcycle and battery swapping company. Other startups BII has invested in over the last few years include M-Kopa, MaxAB, iProcure, Greenlight Planet, Moniepoint, BasiGo, Money Fellows and Arnergy. 

  • Digital Africa, a seed fund established in 2021 by the Agence Française de Développement (AFD) to invest in Africa’s digital startups, has been investing significantly in recent years through debt, equity and grants. In May, it invested $0.1 million in Tunisian technology startup Genow. It has previously invested in Enza, a fintech startup in Egypt, OfferZen, a South African developer marketplace, and YoLa Fresh, a Moroccan agritech startup. 

  • Ugandan electric motorcycle company Gogo Electric also raised an undisclosed amount of money from the Africa Go Green Fund during the month. The fund is a dedicated pan-African greenhouse gas emission reduction debt fund, established by KFW with the support of the German government. It has invested in various companies, including Ampersand, Burn, M-Kopa, Bboxx, and Solarise. 

  • Also on the list of investors in May is Cascador, a non-profit that offers mid-stage Nigerian entrepreneurs with education, mentorship, advisory support, and resources to scale their businesses. It is funded by US-based Empowering Economic Growth Foundation (EEGF). It invested $0.2 million in Nigerian startup Drive45, which offers a subscription model that allows individuals and businesses to access both brand-new and pre-owned vehicles. 

Our take

  • Recent funding rounds to charging companies like ARC Ride and Charge could lead to a surge in the development of EV charging infrastructure and battery swapping networks, particularly for 2- and 3-wheelers, facilitated by sustained DFI and impact investor funding.

  • May’s funding reveals a continued increase in the participation of local and regional African funds, as well as specialised climate-focused funds. This diversification will provide more tailored funding options for startups at various stages, potentially leading to more flexible financing structures to support asset-heavy mobility businesses. 

  • African governments should take a cue from successful private sector models and DFI support for electric mobility startups to accelerate the development of supportive policies and regulatory frameworks for EV infrastructure.