Beyond Capital Ventures, a women-led, emerging markets venture capital fund catalyzing purpose-driven startups, is pleased to announce its recent investment in Ampersand, the first electric transport energy company in Africa. The business is the pioneer of the use of electric motorcycles and battery-swapping networks to address the continent's growing carbon emissions and transportation challenges. BCV's investment will support Ampersand's expansion plans, fortify its balance sheet, bolster its market-leading research and development initiatives, and drive the development of its manufacturing capabilities.
DALLAS, Feb. 15, 2024 /PRNewswire-PRWeb/ -- , a women-led, emerging markets venture capital fund catalyzing purpose-driven startups, is pleased to announce its recent investment in , the first electric transport energy company in Africa. The business is the pioneer of the use of electric motorcycles and battery-swapping networks to address the continent's growing carbon emissions and transportation challenges. BCV's investment will support Ampersand's expansion plans, fortify its balance sheet, bolster its market-leading research and development initiatives, and drive the development of its manufacturing capabilities.
Africa's booming population offers both immense promise and yet a growing need to mitigate carbon emissions. 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 alone is estimated to generate over 7 gigatons of GHG emissions in Africa by 2050, driven in part by the large fleets of taxi and delivery motorcycles that already make up half of road traffic in most of Africa. Ampersand aims to disrupt this market by supplying a uniquely reliable and cost-effective battery energy solution, 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. Ampersand's unique system allows riders to access and swap out depleted batteries for fully charged ones in under two minutes.
Founded in 2016 and headquartered in Kigali, Rwanda, Ampersand's goal is to directly power 1 million customers by 2030 and expects to reduce more than 3.5 million tons of carbon emissions across Africa by 2028, with a reduction of 2.5 tons of CO2 per motorcycle per year. Today the company already powers more than 2000 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. 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 petrol costs, the average commercial delivery and taxi motorcycle driver earns a 41% premium in take-home pay with Ampersand.
Ampersand's fundraise has been met with strong international and African investor interest despite a currently challenging investment environment both in Africa and globally. In addition to 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.
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. The Ampersand team of 300+ is deeply embedded in the ecosystem, with 97% of staff based in Rwanda and Kenya.
"The electric future for Africa's bodas [taxi motorcycles] is now an unstoppable and increasingly imminent reality," said Josh Whale. "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."
"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," said Eva Yazhari, Beyond Capital Ventures General Partner. "I am confident that this marks only the beginning of a long and fruitful partnership."
ABOUT AMPERSAND
Ampersand is Africa's first electric transport energy company with the largest commercial e-motorcycle fleet and battery swapping network. It was founded in 2016, and since then, it has grown to be best in class for technology and performance, with more than 3200 employees and a presence in Rwanda and Kenya. Through extensive testing and R&D, Ampersand has grown its fleet to over 2,000 now and is expected to surpass 5,000 by the end of 2024. By powering commercial transport by supplying reliable electrical energy, Ampersand is paving the way for affordable, lower-carbon public transport, creating green jobs.
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ABOUT BEYOND CAPITAL VENTURES
Beyond Capital Ventures is an emerging markets impact venture capital firm, building a diversified, dynamic, and de-risked portfolio with a strong impact focus. The firm invests in the next wave of innovations that address the growing needs of 1B+ consumers in India and East Africa. Beyond Capital Ventures backs conscious leaders building businesses to address growing demand in "need-to-have" sectors, primarily in healthcare, agriculture, and financial inclusion. The fund also pioneers an Equitable Venture structure that provides founders in the portfolio with a profit share in the GP carry.
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This notice does not constitute an offer to sell any security. Any offer will be made only by delivery of a complete private placement memorandum.
Media Contact
Isabelle C Schmidt, Beyond Capital Ventures, 1 9789444887, isabelle@beyondcapitalventures.com,
SOURCE Beyond Capital Ventures
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