Ampersand, an EV firm operating in East Africa, has closed a funding round to scale its operations across East Africa.
The round was led by British International Investment (BII), the UK’s development finance institution and impact investor, Seedstars Africa Ventures, Gaia Impact, the Rwanda Green Fund, and Raspberry Syndicate, as well as existing partners including Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and TotalEnergies.
“This funding marks a powerful vote of confidence in our mission to electrify Africa’s most important form of transport,” said Josh Whale, CEO of Ampersand. “With support from BII, Seedstars Africa Ventures, Gaia Impact, and Raspberry Syndicate, and ongoing support from our committed investors, we can double our battery fleet size by early 2026, delivering over 35,000 battery swaps daily and powering thousands of drivers with a cleaner, cheaper, and better-performing alternative to petrol motorcycles.”
Ampersand stands out by its ability to structure blended finance and attract more private capital to fuel its rapid growth. The equity investments allowed BII to provide a catalytic junior debt with an immediate opportunity to bring additional senior local and international lenders into the business. The combined capital will support Ampersand’s expansion of its electric motorcycle fleet, battery swap network, and battery charging infrastructure across East Africa, catalyzing the shift to clean, affordable, and efficient mobility for the continent’s millions of motorcycle taxi riders.
With the removal of fuel subsidies, motorcycle taxi riders—key economic actors across Africa—are facing growing financial pressure. Ampersand’s electric motorcycles not only address these cost challenges but can also double riders’ take-home earnings compared to petrol-powered alternatives.
This shift is already underway: demand for electric motorbikes far outpaces current supply, with the market for motorcycle fuel representing a $25 billion annual market opportunity. But the real game-changer is Ampersand’s vertically integrated solution combining battery pack, software, and battery swap stations—an affordable, scalable alternative to fuel stations that resolves both the high cost of battery ownership and the limitations of grid-based charging. Ampersand provides over 20,000 battery swaps daily from a fleet of over 8000 batteries. This fleet powers over 6000 electric motorcycles a total of over 900,000km daily, or 90 times the length of Africa. Crucially, Ampersand stands head and shoulders from competitors by powering customers reliably, with unmatched vehicle & battery lifespan. With 99% of batteries still active after 18 months and a customer revenue retention rate of over 100%. Ampersand now works with seven motorcycle brands developing vehicles to use Ampersand’s energy solution.
Ampersand’s solution is reducing harmful emissions and saving commercial drivers, commonly known as boda bodas, significant income on energy costs. The new investment will enable the company to scale in the region, expanding its battery swap network and accelerating the continent’s shift toward sustainable mobility.
“Electric mobility is a game-changer for inclusive, low-carbon growth, particularly in East Africa. Our investment in Ampersand reflects BII’s commitment to backing climate innovation that delivers real impact—supporting livelihoods, reducing emissions, and helping Africa lead in sustainable transport,” said Seema Dhanani, Regional Director, East Africa and Head of Office, Kenya at BII.
“Our decision to invest in Ampersand came down to three critical factors: the proven quality of the product, the business model’s capital efficiency, and the execution capacity of the team in a nascent market” said Maxime Bouan, General Partner at Seedstars Africa Ventures. “Their electric motorbikes are purpose-built for local conditions and already in widespread commercial use. But equally impressive is the team’s ability to execute in a complex operating environment, scale efficiently, and deliver measurable impact.”
Ampersand’s solution delivers life-changing cost savings to drivers while cutting over 90% of tailpipe emissions. The company’s electric motorcycles, batteries, and energy network were developed and honed over years with a deep ethos of customer centricity. Ampersand has also focused closely on operational excellence and it shows in the results. Ampersand is outselling e-moto peers (when customers have a choice) 9:1 in Kigali and 4:1 in Nairobi.
Ampersand supports the transition to clean transport while reinforcing Africa’s leadership in sustainable energy. While scaling continues in Rwanda, its home market, it is also reaching profitability in Kenya, its second market and global partnerships, like that with BYD which is set to accelerate battery production and innovation, are growing.
“Ampersand is a true first mover, fast scaling company in the African electric mobility sector”, says Guilhem Dupuy, Partner at Gaia Impact. “Ampersand managed to consolidate its head start to offer now a unique set of features: great commercial traction, customer centric mindset, extremely robust proprietary technology stack with a demonstrated ability to turn batteries into bankable financial assets, which would have been unthinkable in the energy space even a couple of years ago.”
In addition to BII, Seedstars Africa Ventures, and Gaia Impact, the funding round includes new participation from Rwanda Green Fund and Raspberry Venture Capital, as well as additional investments from current partners AHL Venture Partners, Ecosystem Integrity Fund, Acumen Fund, TotalEnergies, and HEHF underlining renewed confidence as well as global interest in climate-positive solutions for emerging markets.
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