A Kenyan electric motorcycle maker is set to boost its local manufacturing capacity after securing US$24 million in a Series A funding round.

The funding for electric vehicle innovator Roam includes a US$10 million debt facility from the US International Development Finance Corporation. Other investors include Africa-focused venture capital firm Equator Africa and investment firm Renew Capital.

Roam, which was launched in 2017, plans to invest in production tooling to reduce costs at its 10 000m² facility in Nairobi, East Africa’s largest electric motorcycle assembly plant. It also plans to streamline its local and global supply chain networks, reports Africa Business Communities.

‘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,’ said Roam CFO Rajal Upadhyay.

20 February 2024
Image: Roam