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Today: June 21, 2024
January 26, 2024
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Rwandan E-Bike Startup Ampersand Raises $19.5M in Funding Round

TLDR: Ampersand, a Rwandan E-Bike Startup, Raises $19.5 Million in a Funding Round

Ampersand, a Rwandan electric transport energy startup, has secured $19.5 million in debt and equity funding. The funding round was led by the Ecosystem Integrity Fund (EIF), with participation from Acumen and the Hard Edged Hope Fund. Ampersand plans to use the funding to scale up its operations and manufacturing capabilities.

Key Points:

  • Ampersand, a Rwandan E-Bike Startup, has raised $19.5 million in debt and equity funding
  • The funding round was led by the Ecosystem Integrity Fund (EIF), with participation from Acumen and the Hard Edged Hope Fund
  • Ampersand plans to use the funding to scale up its operations and manufacturing capabilities

Ampersand, an electric transport energy startup based in Kigali, Rwanda, has announced the successful completion of a $19.5 million funding round. The funding was obtained through a combination of debt and equity, with the Ecosystem Integrity Fund (EIF) leading the round. Other participants included impact investment firm Acumen and the Hard Edged Hope Fund.

Ampersand’s primary focus is on manufacturing and distributing electric motorcycles and e-bikes. The company aims to build a more sustainable transportation system in Rwanda by replacing traditional motorcycles with electric alternatives. Its vehicles have a higher carrying capacity and lower operating costs compared to their petrol-powered counterparts, making them a more viable option for commercial use.

The funds raised in this round will be used to scale up Ampersand’s operations and manufacturing capabilities. The company plans to increase production capacity and expand its distribution network. It aims to address the significant market demand for electric motorcycles in Rwanda and other African countries.

Rwanda has been actively promoting the adoption of electric mobility as part of its efforts to reduce carbon emissions and improve air quality. The government has set a target of transitioning all commercial motorcycles in the country to electric by 2024. Ampersand’s electric motorcycles and e-bikes are seen as a key contribution to achieving this goal.

By investing in Ampersand, the funding participants are not only supporting a promising startup but also contributing to the sustainable development of Rwanda’s transportation sector. The shift towards electric vehicles has the potential to bring multiple benefits, including reduced air pollution, improved public health, and increased economic opportunities.

In addition to its environmental and social impact, Ampersand’s business model also offers attractive commercial prospects. The transition to electric motorcycles in Rwanda and other African countries presents a significant market opportunity. Ampersand’s cost-effective and reliable electric vehicles have the potential to disrupt the traditional motorcycle industry and create new job opportunities in the electric mobility sector.

Overall, Ampersand’s successful funding round and its plans to scale up its operations demonstrate the increasing interest and investment in the electric mobility sector in Africa. The company’s innovative approach to sustainable transportation has the potential to make a significant positive impact on Rwanda and other African countries.

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