Kenyan Electric Mobility Startup Roam Raises USD 24 M Funding

Kenyan electric mobility startup Roam, previously Opibus, has raised USD 24 M in debt and equity funding to help accelerate its expansion across Africa. Additionally, Roam has secured a USD 10 M debt commitment from the US government’s Development Finance Corporation (DFC). The financing includes a USD 14 M Series A equity funding round led by Equator Africa, with contributions from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors.

Roam is one of the leading providers of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost effective products designed for the pan-African mass market. Roam’s business segments include the Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), Roam Move (electric urban transit bus), as well as energy and public charging systems.  Funds from this round will be invested in expanding local manufacturing capabilities in Kenya, scaling up production, investing in research and tooling for cost efficiencies, and streamlining local and global supply chain networks.