Roam, a Kenyan-based electric mobility company, has secured an impressive $24 million in funding to scale up electric vehicle production in Africa, emphasizing local manufacturing and sustainability.
Leading the Series A funding round was Equator Africa, with notable private and institutional investors including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet contributing investments. Additionally, the U.S. Government promised to give Roam a financing facility of up to $10 million through the International Development Finance Corporation (DFC).
With this historic funding, Roam—which creates, produces, and distributes electric buses and motorcycles especially for millions of customers throughout Africa—marks a significant advancement.
Roam Air: Revolutionizing Kenya’s Electric Motorcycle Landscape
Roam has caused a stir in Kenya’s electric motorcycle market by giving its users more freedom and the choice to purchase their own batteries. This lowers the operating costs of the device and enables users to charge their batteries using a regular household outlet, enabling them to travel farther. Furthermore, Roam is expanding the usefulness of its motorcycles for riders by implementing Roam Hub stations. These are multifunctional, open-architecture electric motorcycle charging stations that provide a variety of post-purchase services, such as the ability to rent extra batteries for an adjustable length of time.
Because of its inventive designs, sturdy build, and reasonable price, Roam’s cars are a competitive and environmentally friendly substitute for conventional gasoline-powered models.
“DFC is pleased to back programmes like Roam that are consistent with our dedication to promoting creativity and environmental responsibility,” stated James Polan, vice president of DFC’s Office of Development Credit. “Our objectives for a cleaner future are aligned with this significant transaction, which will support the expansion of Roam’s electric mobility offerings.”
“At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility,” said Nijhad Jamal, a partner at the company. At the vanguard of this revolution is Roam’s cutting-edge electric mobility platform, and we are honoured to offer catalytic money to support Roam in creating a more sustainable and just future for African cities.”
As Africa embraces the move towards electric vehicle technology, we are proud of our impact on the environment and livelihoods across Kenya and the wider continent,” said Rajal Upadhyaya, CFO of Roam, in response to the investor support. In order for Roam to scale up and provide more usefulness to our users, this money is a crucial first step.
To produce goods that have a beneficial influence on East Africans’ lives, the company places a high priority on indigenous engineering and creative design. The electric motorbike Roam Air, the electric mass transit bus Roam Rapid, the electric urban transit bus Roam Move, and the energy and public charging infrastructure are among the business sectors of Roam.
The money raised in this round will go towards strengthening Kenyan manufacturing capacity, increasing output at the recently constructed 10,000 square metre Roam Park facility, funding cost-cutting research and tooling, and optimising regional and international supply chains. These initiatives support Roam’s long-term objective of using locally produced parts and the continent’s already established large-scale manufacturing infrastructure to transform Africa’s transport sector to efficient and reasonably priced electric vehicles.
Over 120,000 tonnes of carbon emissions have been captured or mitigated by the company to date, which is a noteworthy accomplishment in its dedication to cutting-edge electric transportation solutions.
