ROAM, an innovative Kenyan electric mobility startup, announces a significant stride forward with the acquisition of $24 million in debt and equity funding, facilitating its ambitious expansion plans across Africa. Spearheaded by Equator Africa, a leading climate tech venture capital fund focused on the continent, the funding round comprises a substantial $14 million Series A equity investment, with participation from esteemed investors including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.
In a notable endorsement of Roam’s vision, Nijhad Jamal, a partner at Equator Africa, reiterated the critical importance of sustainable mobility solutions in African cities. ‘Roam’s commitment to efficient, accessible, and sustainable mobility aligns seamlessly with our ethos. We are excited to support their journey towards transforming transportation in Africa,’ Jamal remarked.
The backing of the US Government’s International Development Finance Corporation (DFC), contributing $10 million to the funding, underscores the global recognition and support for sustainable initiatives within Africa’s transportation sector. James Polan, Vice President of Development Credit at DFC, expressed pride in supporting innovative ventures like Roam, stating, ‘We believe in the potential of initiatives such as Roam to drive positive change and sustainability across Africa.’
Founded in 2017 by Filip Lövström (CEO), Albin Wilson (Chief Product and Strategy Officer), and Mikael Gånge (CCO), Roam has been at the forefront of the electric mobility revolution on the continent. Transitioning from electric vehicle conversions to assembly in 2021, Roam has remained steadfast in its commitment to delivering cost-effective and reliable electric vehicles tailored to the unique needs of the African market.
Roam’s current product lineup includes Roam Rapid, an electric mass transit bus; Roam Air, an electric motorcycle; and Roam Move, an electric urban transit bus, alongside complementary charging infrastructure. With claims of reducing carbon emissions by over 120,000 tonnes since inception, Roam continues to champion sustainability and innovation in the region’s transportation sector.
With this substantial injection of funding, Roam is primed to accelerate its mission of revolutionising transportation in Africa, driving towards a future where mobility is not only efficient and accessible but also environmentally friendly and sustainable.