Kenyan Electric Vehicle (EV) maker Roam has secured $24M in a Series A round to scale its operations in the country.
Additionally, the U.S. Government through the International Development Finance Corporation (DFC) has committed to provide Roam with an up to $10M debt facility.
This funding round was led by Africa-focused climate tech VC fund Equator Africa and includes investments from Renew Capital, At One Ventures, TES Ventures, The World We Want, and One Small Planet, among other prominent private and institutional investors.
Roam says it will use the investment to enhance the local manufacturing capabilities at their 10,000 sqm facility (East Africa’s largest electric motorcycle assembly plant), invest in production tooling for cost reductions and streamline both local and global supply chain networks.
Since its inception in 2017, Roam has been committed to creating a greener, more sustainable future for Africa. The investment will support Roam’s long-term goal of transitioning Africa’s public transport sector to effective, affordable electric buses and motorcycles.
Rajal Upadhyaya, CFO of Roam, expressed gratitude for the investor support, saying, “As Africa embraces the move toward electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent.”
”This funding is a critical step for Roam to achieve our strategic objectives in scaling up and increasing utility to our customers,” he said.
Roam’s commitment to innovation and sustainability was recently highlighted during a visit by Kenya’s President, His Excellency William Ruto, to the Roam Park facility.
The company said in a statement that the president’s visit underscores the national and international significance of Roam’s work in advancing green technology and manufacturing in the region.
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