Kenyan Electric Mobility Startup Raises Debt and Equity Funding to Help Accelerate its Expansion across Africa

Founded in 2017, and rebranded earlier this year, Roam is the leading provider of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost-effective products designed for the pan-African mass market. Having raised US$7.5 million in equity and grant funding back in 2021, the company has now banked a further US$24 million to expand its production of locally designed and manufactured electric motorcycles and buses, fueling its mission to revolutionise African transportation with innovative products specifically designed for consumers across the continent. The financing includes a US$14 million Series A equity funding round led by Equator Africa, with contributions from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors. Additionally, Roam has secured a US$10 million debt commitment from the US government’s Development Finance Corporation (DFC).

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