Roam's Ambitious Vision
Kenyan electric mobility startup Roam, formerly known as Opibus, has secured a significant milestone in its journey with a $24 million investment aimed at accelerating its expansion across Africa. Since its inception in 2017, Roam has been dedicated to revolutionizing transportation on the continent by providing reliable, cost-effective electric vehicles designed and manufactured locally.
Series A Funding
The funding round includes a substantial $14 million Series A equity investment led by Equator Africa, with participation from notable investors such as At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet. Additionally, Roam has secured a $10 million debt commitment from the US government’s Development Finance Corporation (DFC), further bolstering its financial standing.
Expanding Product Portfolio and Manufacturing Capacity
Roam's product offerings encompass a diverse range of electric vehicles, including electric motorcycles (Roam Air), electric mass transit buses (Roam Rapid), and electric urban transit buses (Roam Move). The company also focuses on energy and public charging systems. With the latest funding, Roam plans to enhance its local manufacturing capabilities in Kenya, scale up production at its new 10,000 sqm Roam Park facility, and invest in research and tooling for cost efficiencies. Additionally, the funds will be allocated to streamline local and global supply chain networks.
Driving Environmental Impact and Sustainability
Roam's commitment to environmental sustainability is evident in its efforts to mitigate over 120,000 tonnes of carbon emissions to date. By leveraging locally sourced parts and existing large-scale manufacturing infrastructure, Roam aims to transition Africa's transport sector to effective and affordable electric vehicles. This aligns with the company's long-term goal of creating a cleaner, more sustainable future for African cities.
Strategic Objectives and Future Prospects
Rajal Upadhyaya, CFO of Roam, emphasized the critical role of the funding in achieving the company's strategic objectives and increasing utility for its customers. Nijhad Jamal, partner at Equator Africa, expressed the firm's commitment to supporting Roam's innovative electric mobility platform, envisioning a future with efficient, accessible, and sustainable mobility solutions for African cities.
Pioneering the Future of African Mobility
As Roam continues its journey to transform transportation across Africa, the latest funding infusion underscores the growing momentum behind electric mobility initiatives on the continent. With a clear vision, strategic partnerships, and a commitment to environmental stewardship, Roam is poised to play a pivotal role in shaping the future of mobility in Africa.
