Beyond Capital Ventures (a women-led, emerging markets venture capital fund catalyzing purpose-driven startups) announced a recent investment in Ampersand, Africa’s first electric transport energy company. The company is a pioneer of using electric motorcycles and battery-swapping networks to address the continent’s growing carbon emissions and transportation challenges. And BCV’s investment will support Ampersand’s expansion plans, fortify its balance sheet, bolster R&D initiatives, and drive the development of manufacturing capabilities.
Africa’s rapidly growing population offers both immense promise and yet a growing need to mitigate carbon emissions. And with Africa’s population projected to reach 2.5 billion by 2050, the continent faces a pressing need to mitigate increasing greenhouse gas (GHG) emissions.
Transportation is estimated to generate over 7 gigatons of GHG emissions in Africa by 2050, which was driven in part by the large fleets of taxi and delivery motorcycles that already make up half of road traffic in most of Africa. And Ampersand aims to disrupt this market by supplying a uniquely reliable and cost-effective battery energy solution, thus making it possible to replace traditional fuel-powered motorcycles with environmentally friendly e-motorcycles supplied by Ampersand and other companies.
Ampersand’s network features a network of simple stations for convenient battery swapping. And Ampersand’s unique system allows riders to access and swap out depleted batteries for fully charged ones in under two minutes.
Launched in 2016 and based in Kigali, Rwanda, Ampersand’s goal is to directly power 1 million customers by 2030 and expects to reduce over 3.5 million tons of carbon emissions across Africa by 2028, with a reduction of 2.5 tons of CO2 per motorcycle per year. The company already powers over 2,000 electric motorcycles in Rwanda and Kenya, covering more than 1.4 million kilometers per week.
Ampersand’s success extends to Kenya and Rwanda, where the business has thrived with a rapidly expanding network of 34 battery-swap stations and a strong preference from customers for Ampersand’s vehicles, battery swaps, and technology – which have surpassed others in durability and reliability. And Ampersand’s growth continues to improve livelihoods for the 30 million gig economy workers in Africa who rely on motorcycles every day as their main source of income. Due to growing gas costs, the average commercial delivery and taxi motorcycle driver earns a 41% premium in take-home pay with Ampersand.
Ampersand’s funding was met with strong international and African investor interest despite a currently challenging investment environment both in Africa and globally. Along with existing investors Alphamundi Group (Switzerland/Kenya) and Silicon-Valley-based Ecosystem Integrity Fund, Beyond Capital Ventures is participating in this round alongside Eckenstein-Geigy Foundation, Societe Petrolieres du Rwanda (Rwanda’s largest fuel station network) and a major African business investor attuned to the future of the continent’s e-mobility.
The company co-founders Josh Whale (CEO) and Alp Tilev (CTO) bring decades of experience at multinational corporations, and in the manufacturing and management of EV fleets. And the Ampersand team of 300+ is deeply embedded in the ecosystem, with 97% of staff based in Rwanda and Kenya.
KEY QUOTES:
“The electric future for Africa’s bodas [taxi motorcycles] is now an unstoppable and increasingly imminent reality. Electrification brings significant benefits such as reduced emissions and pollution as well as cost savings for African economies, riders, and commuters. It also creates a sustainable transportation system less reliant on volatile energy markets. We aim to ensure its accessibility to as many people as possible. No company is better positioned to make it happen.”
- Josh Whale
“By supporting Ampersand’s mission to revolutionize the motorcycle market with sustainable electric vehicles, Beyond Capital Ventures is actively contributing to a cleaner and greener future for Africa. We believe in Ampersand’s potential to drive positive environmental impact while addressing the transportation needs of the region. I am confident that this marks only the beginning of a long and fruitful partnership.”
- Eva Yazhari, Beyond Capital Ventures General Partner
