Today, one of the most effective ways of financing green economy sectors is by raising capital. Mobility and transport start-ups have understood this. The most recent operation was carried out by Roam, which specializes in the assembly of electric motorcycles and buses in Kenya.
The young company, headed by Filip Lövström, has just completed a $24 million Series A financing round to further establish itself in the competitive African electromobility market. Roam will use the capital raised “in equity and debt” to expand its fleet of e-motorbikes and mass transit vehicles at its 10,000 m2 factory in Nairobi.
The round was led by UK government venture capital firm Equator Africa, which raised up to $14 million. It also saw the participation of other investor groups, including the U.S. International Development Finance Corporation (DFC), launched in 2020 by former President Donald Trump. It is contributing $10 million to start-up Roam’s expansion project on the African continent.
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In addition to assembling new machines, the $24 million is expected to fund research and development (R&D) teams and the installation of new exchange terminals for “Roam Air” motorcycle drivers. Indeed, this dual-battery, 90 km/hour brand will be very useful for facilitating deliveries and reducing noise and air pollution in countries such as Ghana, Nigeria, Sierra Leone, Uganda and the Democratic Republic of Congo (DRC), where Roam plans to deploy its fleet.
Benoit-Ivan Wansi