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Press Release: Roam Secures $24M in Series A Funding to Accelerate Innovation and Electric Vehicle Production in Kenya
By Renew Capital Marketing and Communications Team | Fri Feb 16 2024
Expanding local manufacturing to propel Africa toward sustainable transportation
Nairobi, Kenya, February 16, 2024— Roam, a Kenya-based electric mobility leader in electric vehicle (EV) innovation in Africa, is set to expand its operations in Kenya significantly following a $24M Series A funding round.
This funding round was led by 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. Included in the $24M is a commitment from the U.S. International Development Finance Corporation (DFC) to provide Roam with an up to $10M debt facility.
Roam 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.
“Renew Capital is committed to backing innovative leaders like Roam, who bring a unique combination of skills, determination, and passion to their work,” says Esther Mwikali, Renew Capital Investment and Project Manager. “Roam's dedication to transforming Africa's transportation system resonates deeply with our investment philosophy. We're honored to be part of their journey in redefining African transport, making it more efficient, sustainable and eco-friendly.”
"DFC is proud to support initiatives like Roam that align with our commitment to fostering innovation and sustainability,” said James Polan, Vice President of the Office of Development Credit at DFC. “This significant transaction will support the expansion of Roam's electric mobility offerings and resonates with our goals for a cleaner future."
Nijhad Jamal, Partner at Equator, stated, "At Equator, we are committed to building a future with efficient, accessible, and sustainable mobility. Roam's innovative electric mobility platform is at the forefront of this transformation, and we are proud to provide catalytic funding that will enable Roam to build a cleaner, more equitable future for African cities."
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."
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 president's visit underscores the national and international significance of Roam's work in advancing green technology and manufacturing in the region.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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