Roam Raises $24M to Scale Electric Vehicle Production in Kenya
Roam, a pioneering electric vehicle (EV) startup based in Kenya, has recently secured an investment of $24 million in a Series A funding round. This funding aims to bolster the company’s efforts in expanding the production of electric motorcycles and buses.
Founded in 2017, Roam has been at the forefront of the electric mobility revolution in Kenya. With a focus on designing and manufacturing locally, the company aims to provide reliable and cost-effective EVs tailored for the African mass market. The recent investment underscores Roam’s commitment to transforming transportation across the continent. The investment comes as Roam doubles down on the assembly of its Move bus model, launched last year.
The funding round includes a $14 million Series A equity injection led by Equator Africa, a prominent climate tech VC fund. Other key investors include 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 U.S. International Development Finance Corporation (DFC).
Product Offerings and Manufacturing
Roam’s product portfolio encompasses various segments. It includes electric motorcycles (Roam Air), electric mass transit buses (Roam Rapid), and urban transit buses (Roam Move). Moreover, the company is engaged in the development of energy and public charging systems. The infusion of funds will primarily fuel the expansion of local manufacturing capabilities in Kenya.
The new investment will also facilitate the scaling up of production at Roam’s recently inaugurated 10,000 square meter Roam Park facility. Furthermore, Roam intends to channel resources into research and tooling to enhance cost efficiencies and streamline both local and global supply chain networks.
Rajal Upadhyaya, CFO of Roam, expressed gratitude for the funding, emphasizing its importance in achieving strategic objectives.
As Africa embraces the transition to electric vehicle technology, Roam stands poised to lead the charge. With substantial investment and a steadfast commitment to sustainability, the company is driving towards a future where efficient, accessible, and eco-friendly mobility is the norm.
