Rwandan E-bike Startup Ampersand Secures USD 19.5 M Funding

The Kigali-based electric transport energy company Ampersand has raised USD 19.5 M in equity and debt funding to help it continue to expand operations. The funding round was led by Ecosystem Integrity Fund (EIF), and joined by Acumen and Hard Edged Hope Fund. Other investors were Alphamundi VC, Societe Petrolieres du Rwanda, TotalEnergies, EIF and Beyond Capital Ventures. It also includes a USD 7.5 M debt facility from Cygnum Capital’s Africa Go Green Fund. 

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