ROAM SECURES $24 MILLION INVESTMENT TO ADVANCE ELECTRIC VEHICLE INITIATIVES IN AFRICA
Kenyan electric mobility firm Roam has secured $24 million in funding to accelerate its initiatives in enhancing transportation across Africa. Equator Africa led the Series A funding round, with participation from notable investors such as At One Ventures, TES Ventures, and the US government’s DFC.
This investment will support Roam in expanding the production of its electric motorcycles and buses, which are locally designed and manufactured. Roam aims to disrupt the market by offering innovative, Africa-specific solutions that are more flexible and affordable compared to traditional petrol options.
The company takes pride in its unique approach, focusing on local engineering and design to create cost-effective vehicles tailored to the specific needs and infrastructure of East African countries. In addition to the environmental benefits, Roam contributes to community empowerment by generating jobs, promoting skills development, and providing flexible ownership options for riders.
Roam Hub stations, designed to offer comprehensive support services, include battery-swapping facilities and various other services such as tyre inflation, minor repairs, and maintenance. These stations aim to be one-stop shops for all electric vehicle needs, providing convenient and efficient charging solutions for EV owners.
The funding will support Roam’s expansion plans, including scaling up production at its new 10,000 sqm facility, “Roam Park.” Investments will also be directed towards research, cost efficiencies, and streamlining supply chains. The ultimate goal is to transition Africa’s transport sector to affordable and effective electric vehicles, utilizing local resources and infrastructure.
Roam has already contributed to mitigating over 120,000 tonnes of carbon emissions, emphasizing its commitment to sustainable transportation solutions. With this funding, the company aims to make an even greater impact, fostering economic enhancement across Africa.
Joan Aimuengheuwa From the New Source: Techeconommy
