Ampersand, a leading electric vehicle energy provider in Africa, has secured a major new round of funding that will fuel the next phase of its growth. The financing, which includes a working capital facility from British International Investment (BII), the United Kingdom’s development finance institution, marks a pivotal step in the company’s mission to electrify two-wheeler transport across the continent.
For millions of motorcycle taxi riders, commonly known as boda bodas, rising fuel prices and the gradual removal of subsidies have increased the cost of doing business. Ampersand believes it has the answer: affordable electric motorcycles powered by an innovative battery-swapping system that can help riders increase their earnings while contributing to cleaner cities.
This latest round of investment is more than a financial milestone. It is a clear signal of growing confidence in Ampersand’s model and its ability to deliver sustainable transport solutions at scale.
Investor Confidence and Strategic Growth
The new funding comes from a diverse group of backers. Fresh equity contributions were made by Seedstars Africa Ventures and Gaia Impact, with additional support from the Rwanda Green Fund and Raspberry Syndicate. Long-standing investors, including Ecosystem Integrity Fund, AHL Ventures, Acumen and TotalEnergies, also increased their commitments. While the exact size of the round has not been disclosed, the range of investors and their renewed support reflect strong belief in Ampersand’s long-term potential.
The deal was structured as a blended finance arrangement, combining equity commitments with debt financing from BII. This approach not only provided Ampersand with significant working capital but also helped unlock confidence from other potential lenders, creating momentum for further funding in the future.
Seedstars Africa Ventures’ General Partner, Maxime Bouan, explained that their decision to invest was based on Ampersand’s product quality, capital efficiency and the execution capacity of its team. BII’s East Africa Regional Director, Seema Dhanani, said the investment aligns with BII’s mission to back climate-positive innovations that bring real benefits to communities.
Ampersand plans to use the capital to expand its fleet of electric motorcycles and grow its network of battery-swapping stations across East Africa. By early 2026, the company aims to double its battery inventory, a move that will strengthen its market reach and capacity to serve more riders.
A Proven Model with Measurable Impact
At the heart of Ampersand’s success is its Battery-as-a-Service model. Riders can quickly swap depleted batteries for fully charged ones at strategically located stations, paying only for the energy they use. This removes the high upfront costs associated with battery ownership and avoids the long waits linked to grid charging.
The company has built a vertically integrated ecosystem that includes proprietary battery packs, in-house management software and a growing network of rapid swapping stations. This infrastructure has proven its ability to deliver both operational efficiency and rider convenience.
Ampersand’s current operations are already impressive. The company manages more than 8,000 batteries powering over 6,000 electric motorcycles. Every day, its network handles more than 20,000 battery swaps, enabling riders to collectively travel nearly one million kilometers. These figures make Ampersand a clear leader in its field, outperforming competitors in key markets, with a nine-to-one sales advantage in Kigali, Rwanda and a four-to-one lead in Nairobi, Kenya.
Investors have also noted the durability and reliability of Ampersand’s products. After 18 months of use, 99% of its batteries remain in active service. Customer loyalty is equally strong, with revenue retention rates above 100%, showing that riders are not only staying with the service but are also increasing their usage over time.
Scaling Impact Across the Region
Ampersand’s ambition extends beyond maintaining market leadership in Rwanda. The company has already achieved profitability in Kenya, demonstrating the scalability and commercial viability of its model in diverse markets. It is also partnering with global battery manufacturer BYD to enhance battery production and accelerate technological innovation.
This strategic partnership will be key to meeting rising demand as the company pushes further into East Africa. With more batteries, more motorcycles and more swapping stations, Ampersand expects to make clean and affordable transport accessible to thousands more riders.
For boda boda drivers, the benefits go beyond fuel savings. Ampersand’s system reduces operating costs, increases daily earnings and eliminates downtime caused by refueling or charging delays. For cities, the shift to electric motorcycles means less air pollution and reduced greenhouse gas emissions.
The company’s growth also carries wider economic benefits. As it scales, Ampersand creates new jobs, from assembly line workers and station attendants to software engineers and logistics staff. This combination of environmental, social and economic gains positions Ampersand as a key player in Africa’s clean energy transition.
With this latest funding round, Ampersand is not just expanding its operations, it is helping to redefine how transportation works for millions of people. By proving that electric mobility can be both profitable and practical in African markets, the company is paving the way for a greener, more inclusive future.
As investor confidence builds and the network grows, Ampersand is set to remain at the forefront of the continent’s shift toward sustainable transport, driving both economic opportunity and environmental progress.
