• Ampersand

  Participated · Debt Financing · Jan 2024

  Ampersand operates a vertically integrated Battery-as-a-Service model for motorcycle taxi riders, combining proprietary battery packs, management software, and a network of battery-swap stations. The company manages over 8,000 batteries that power more than 6,000 electric motorcycles, enabling over 20,000 battery swaps daily and covering more than 900,000 km each day. Ampersand says its electric motorcycles can double a rider’s take-home earnings versus petrol models and outsell competitors by 9-to-1 in Kigali and 4-to-1 in Nairobi. It reports 99% of its batteries remain active after 18 months and a customer revenue retention rate exceeding 100%. The company aims to double its battery fleet by early 2026 and to expand its swap-station network across East Africa. Ampersand has reached profitability in Kenya and is collaborating with BYD to accelerate battery production and development. Ampersand assembles and finances electric motorcycles tailored to motorcycle taxi markets in East Africa. Founded in 2016 and based in Kigali, the company launched commercially in May 2019 and its fleet grew to over 1,000 members. By late 2024 it anticipates surpassing 10,000 members. Ampersand describes its made-in-Africa battery fleet as leading the world in cost per km and uptime for light-electric vehicles; its motorcycles are less expensive to purchase and operate than gasoline counterparts. The company raised $19.5M in a debt and equity financing to support operations, which also includes a $7.5M debt facility. Management says the funding will allow it to deliver thousands more electric motorcycles in the coming months as government e-mobility policies and the removal of fuel subsidies expand the addressable market.

No current team members are available.