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Ampersand to scale operations with $9M debt facility investment from U.S. International Development Finance Corporation (DFC)

Ampersand Rwanda

Headquartered in Kigali, Ampersand Rwanda Ltd has secured a $9 million loan facility from the U.S. International Development Finance Corporation (DFC) which will go towards expanding its Kenya and Rwanda operations. This deal is part of DFC’s first loan targeted towards electric mobility signifying increased investor confidence across Africa’srising e-mobility sector. The funds will go towards scaling the number of bikes on the road in Kenya and Rwanda. Ampersand’s Founder and CEO is Josh Whale.

This deal is the first investment by DFC into electric mobility and signifies increased investor confidence in the rising e-mobility sector across Africa. Ampersand assembles and finances electric motorcycles – popularly known as e-motors and e-bodas, which are less costly to buy and operate. With 83% less carbon emissions, Ampersand is looking to replace the 5 million petrol-powered battery swap stations and battery fleets.

Since its launch in 2019, Ampersand has completed over 50,000 battery swaps while powering a 56-driver fleet of e-bikes. The $9 million investment loan is part of DFC’s Portfolio for Impact and Innovation Initiative. The investment builds on a $4 million initial Serie A round secured earlier in 2021 supported by the Silicon Valley investor Ecosystem Integrity Fund (EIF) and TotalEnergies. This adds to an early-stage investment by USAID’s Development Innovation Ventures (DIV), the Rwanda Green Fund, and UK Government’s Frontier Technology Livestreaming initiative.

The post Ampersand to scale operations with $9M debt facility investment from U.S. International Development Finance Corporation (DFC) appeared first on Tech In Africa.

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