Ampersand, Africa’s leading EV energy technology company, has closed a major funding round that will enable it to expand its electric motorcycle and battery-swapping operations across East Africa.
The round brings in new equity investors including Seedstars Africa Ventures, Gaia Impact, the Rwanda Green Fund, and Raspberry Syndicate, alongside increased commitments from existing backers such as Ecosystem Integrity Fund, AHL Ventures, Acumen, HEHF, and TotalEnergies. The equity raise also unlocked a catalytic working capital facility from British International Investment (BII), the UK’s development finance institution, which is expected to pave the way for additional senior local and international lenders to support Ampersand’s expansion.
With this backing, Ampersand aims to double its battery fleet by early 2026, reaching 13,000 electric motorcycles and delivering more than 35,000 battery swaps per day.
“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. “It allows us to scale faster, serve more riders, and continue delivering a cheaper, cleaner and better-performing alternative to petrol motorcycles.”
A scalable model for Africa’s mobility market
Founded in Rwanda in 2016, Ampersand has positioned itself as a frontrunner in Africa’s fast-growing electric mobility space. Its vertically integrated platform combines battery packs, swap stations and software, offering a cost-effective and scalable alternative to fuel stations. By removing the high upfront cost of batteries, Ampersand makes electric motorcycles accessible to thousands of riders, who on average take home double the earnings of their petrol-powered peers.
Demand is far outstripping supply, with the motorcycle fuel market representing a $25 billion annual opportunity across Africa. Ampersand already provides 20,000 battery swaps daily through a fleet of more than 8,000 batteries, powering over 6,000 motorcycles that together travel nearly 900,000km per day.
Backing from global and regional investors
BII’s support was made possible by the blended finance structure of the round, combining patient equity with catalytic debt.
“Electric mobility is a game-changer for inclusive, low-carbon growth, particularly in East Africa,” said Seema Dhanani, Regional Director, East Africa and Head of Office, Kenya at BII. “Our investment reflects a commitment to climate innovation that supports livelihoods, reduces emissions and accelerates sustainable transport.”
For Ampersand’s venture investors, the decision was driven by both commercial and impact potential.
“Our decision to invest in Ampersand came down to three critical factors: the proven quality of the product, the capital efficiency of the business model, and the team’s ability to execute in a complex environment,” said Maxime Bouan, General Partner at Seedstars Africa Ventures.
Growth and sustainability
Ampersand is already scaling rapidly in Rwanda and Kenya, where it is approaching profitability, and has established partnerships with seven motorcycle brands. A collaboration with BYD is also set to accelerate battery production and innovation.
“Ampersand is a true first mover in African electric mobility,” said Guilhem Dupuy, Partner at Gaia Impact. “It combines strong commercial traction and customer focus with a robust technology stack that is turning batteries into bankable assets – a milestone that would have been unthinkable just a few years ago.”
With a customer retention rate above 100% and 99% of batteries still in use after 18 months, Ampersand has established a reputation for reliability and operational excellence. The company now outsells e-motorcycle peers 9:1 in Kigali and 4:1 in Nairobi, positioning it as the benchmark for Africa’s sustainable transport transition.