Kenya startup Roam EV secure funds
Roam EV startup raises $24M to scale electric vehicle production in Kenya
In the heart of Kenya, Roam, a dynamic Kenya EV startup, has marked a significant milestone by securing $24 million in a Series A round. This investment, which includes a notable $10 million debt commitment from the U.S. International Development Finance Corporation (DFC), signifies a pivotal moment for Roam as it accelerates the production of electric motorcycles and buses.
Leading the charge in this round is Equator, a venture capital fund dedicated to climate technology across Africa. Alongside Equator, investors such as At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet have also contributed to Roam’s vision.
For Roam, the infusion of funds arrives as the company intensifies efforts to ramp up the assembly of its Move bus model, introduced just last year. This move follows the establishment of a larger motorcycle assembly plant, signaling a strategic expansion in response to rising demand.
Albin Wilson, Roam’s chief product and strategy officer, emphasizes the company’s aim to achieve production stability and meet market needs. “Our target this year is to reach a production rate of 1,000 motorcycles per month, a pivotal milestone in addressing market demands,” Wilson explains.
A distinguishing feature of Roam’s motorcycles lies in their hybrid functionality, allowing users to charge batteries either at home or at designated swap stations—a testament to Roam’s commitment to user convenience and accessibility.
Previously, Roam boasted the capacity to assemble 40 Move buses monthly, each designed to accommodate 42 passengers with a range of 200 kilometers. These buses, tailored for local conditions, particularly target schools and public transit sectors, boasting features like elevated ground clearance for diverse terrains.
Roam’s strategic vision extends beyond production scaling. Wilson underscores the company’s commitment to research and vertical integration, aiming to reduce reliance on off-the-shelf components and ultimately offer cost-effective solutions to the market.
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Founded in 2017 by Albin Wilson, Filip Lövström, and Mikael Gånge, Roam initially ventured into Kenya’s electric mobility space through EV conversions. However, significant VC backing in 2021 propelled the company towards assembly, positioning it at the forefront of Africa’s electric vehicle revolution.
Despite challenges such as weak electricity grids and limited charging infrastructure, the momentum towards EV adoption in Africa remains steadfast. Roam, alongside counterparts like BasiGo and Ampersand, contributes to this transition, facilitating environmentally friendly transport solutions across the continent.
Ampersand, headquartered in Rwanda, recently secured $19.5 million in debt-equity funding to bolster the production of electric motorcycle batteries and expand its swapping station network in East Africa.
In addition to Roam and Ampersand, a constellation of startups including Kiri EV, Arc Ride, eBee, Spiro, Kofa, Ecobodaa, and Stimaboda are shaping Africa’s burgeoning EV landscape. Their collective efforts underscore the sustained investor interest in Africa’s climate sector, propelling the continent towards a greener, more sustainable future.
