Kenyan Electric Mobility Startup Roam Raises $24 Million for African Expansion

Roam, formerly known as Opibus, a Kenyan startup focused on electric mobility, has secured $24 million in funding. 

This money, a mix of debt and equity, will support Roam’s goal of expanding its reach across Africa.

Established in 2017 and rebranded recently, Roam leads the way in producing electric vehicles locally. Their aim is to offer reliable and affordable options for people all over Africa.

After raising $7.5 million in funding in 2021, Roam has now added $24 million more. This new investment will go towards ramping up production of their electric motorcycles and buses, with the aim of revolutionising transportation in Africa.

The funding round includes a $14 million Series A equity investment led by Equator Africa, along with contributions from other investors like At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. 

Additionally, Roam secured a $10 million debt commitment from the US government’s Development Finance Corporation (DFC).

Roam’s product lineup includes electric motorcycles (Roam Air), electric mass transit buses (Roam Rapid), electric urban transit buses (Roam Move), as well as energy and public charging systems. 

The funds will be used to enhance local manufacturing in Kenya, expand production at their new facility, invest in research for cost efficiency, and improve supply chain networks.

These efforts are aligned with Roam’s long-term goal of transitioning Africa’s transportation sector to electric vehicles, using locally sourced parts and existing manufacturing infrastructure. 

So far, the company has helped reduce or offset over 120,000 tonnes of carbon emissions.

Rajal Upadhyaya, Roam’s CFO, highlighted the significance of this funding in achieving the company’s objectives. 

Nijhad Jamal, a partner at Equator, expressed his firm’s commitment to supporting sustainable mobility, praising Roam’s innovative platform.