Kenya-based e-mobility startup Arc Ride has raised $10 million in debt financing from Mirova, a Paris-headquartered sustainable investment manager, to accelerate the rollout of its battery-swapping network for electric motorcycles.
The investment, structured as a five-year senior secured loan, will support the deployment of 600 battery-swapping cabinets and 25,000 batteries across the country. Arc Ride’s CEO, Joseph Hurst-Croft, called the funding a major step in making electric transport more accessible to riders and commuters.
The deal marks the first investment in Africa’s electric vehicle sector from Mirova’s $282 million Gigaton Fund, reflecting the increasing demand for two-wheel transport solutions. Mirova, which manages €33 billion in assets globally, cited Kenya’s rapidly growing motorcycle taxi—boda boda—market as a key driver of opportunity.
Arc Ride operates on a Battery-as-a-Service (BaaS) model, allowing riders to exchange depleted batteries for fully charged ones within minutes. The approach lowers operational costs for drivers and addresses range limitations common with electric vehicles. According to the company, each electric motorcycle can cut around two tonnes of CO₂ emissions annually compared to petrol-powered bikes.
This latest financing follows Arc Ride’s $5 million round in May 2025, which focused on expanding its electric motorbike fleet in Nairobi. Mirova noted that the transaction was structured using blended finance, aimed at reducing risk and attracting additional private capital into Africa’s e-mobility sector. The firm’s local presence in Nairobi played a central role in sourcing and executing the deal.