Roam Secures $24M in Funding

In a momentous stride towards advancing electric mobility across Africa, Roam, a pioneering company dedicated to this cause, has secured a substantial infusion of US$24 million in a blend of equity and debt financing. Spearheaded by Equator Africa, the Series A funding round garnered support from prominent investors such as At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. Additionally, the United States Government, through the International Development Finance Corporation (DFC), has pledged a debt facility of up to US$10 million to empower Roam in its mission. This influx of capital fortifies Roam's position to expedite its endeavors in transforming transportation across the African continent.

This funding milestone stands as a testament to Roam's dedication to crafting electric motorcycles and buses tailored to the unique needs of Africa's populace. Their relentless pursuit of innovation in design, development, and deployment underscores their commitment to enhancing transportation options for African consumers, marking a significant stride towards sustainable mobility solutions.

Roam has been instrumental in reshaping the landscape of the electric motorcycle industry in Kenya, offering riders an array of choices and enhanced flexibility. Notably, their groundbreaking approach allows users to own their batteries, facilitating convenient charging at any household outlet. This not only drives down operational expenses but also extends travel ranges, empowering users with greater mobility. Furthermore, Roam has augmented its services through the establishment of Roam Hub stations – versatile charging hubs that provide a range of post-purchase amenities, including the option to rent additional batteries for customizable durations.

Expressing appreciation for the unwavering support from investors, Rajal Upadhyaya, Roam's CFO, emphasized the company's pivotal role in catalyzing the adoption of electric vehicle technology across Africa. He remarked, "As Africa embraces the transition towards electric mobility, we take pride in our contributions to environmental sustainability and socioeconomic development across Kenya and beyond. This funding marks a crucial milestone for Roam as we advance towards realizing our strategic objectives of scaling up operations and enhancing value proposition for our customers."

The proceeds from this funding round will be channeled towards bolstering local manufacturing capabilities in Kenya, expanding production at the sprawling 10,000 square meter Roam Park facility, driving innovation through research and development initiatives aimed at enhancing efficiency, and optimizing supply chain networks on both local and global scales. These initiatives are aligned with Roam's overarching mission of revolutionizing transportation in Africa through the provision of affordable, efficient electric vehicles, leveraging locally sourced components and leveraging existing large-scale manufacturing infrastructure. To date, the company has made significant strides in reducing or offsetting over 120,000 tonnes of carbon emissions, underscoring their steadfast commitment to delivering sustainable electric transport solutions.