Rwandan Startup Ampersand Secures USD 9 Mn Debt Facility

Ampersand, a Rwanda-based electric motorcycle startup, has received a USD 9 Mn financing facility from the US International Development Finance Corporation (DFC) to expand its operations in Rwanda and Kenya. The loan is part of DFC’s Portfolio for Impact and Innovation (PI²) initiative and contributes to its commitment to the US Energy Compact and its target to address climate change with one-third of its investments by 2023. 

Ampersand assembles and finances cleaner, cheaper and better performing electric motorcycles than the many petrol motorcycle taxis used across East Africa. It seeks to drive Africa towards a zero-carbon future using electric motorcycles and their unique battery swapping system.