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Kenyan Electric Mobility Startup Roam Accelerates Pan-African Expansion with $24 Million Funding

Roam, a Kenyan electric mobility startup, recently secured a substantial $24 million in a blend of debt and equity funding, marking a significant milestone in its journey to revolutionize transportation across Africa. Founded in 2017 as Opibus and rebranded earlier this year, Roam has swiftly emerged as a leader in designing and manufacturing electric vehicles (EVs) tailored to address Africa’s unique challenges. This infusion of capital not only underscores investor confidence in Roam’s potential but also signifies a crucial step towards driving the adoption of sustainable transportation solutions continent-wide.

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Driving Sustainable Transformation

Africa faces myriad challenges in its transportation sector, from inadequate infrastructure to environmental concerns and accessibility issues. Roam’s vision is to address these challenges head-on by providing reliable and cost-effective electric vehicles designed specifically for the African context. By prioritizing locally produced EVs, Roam aims to not only reduce carbon emissions but also stimulate economic growth and create opportunities within the burgeoning mobility sector.

Funding Breakdown

The $24 million funding round represents a significant increase in capital for Roam, following its previous success in securing $7.5 million in equity and grant funding in 2021. This infusion of funds underscores investor confidence in Roam’s innovative approach and its potential to transform the transportation landscape in Africa.

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Accelerating Growth: Expansion Plans

With the latest round of funding, Roam is poised to accelerate its growth and expand its operations across the African continent. Key areas of focus include:

  • 1. Scaling Production: Roam plans to increase its production capabilities for electric motorcycles and buses to meet the growing demand for sustainable transportation solutions.
  • 2. Investing in Innovation: The company will allocate resources towards developing new technologies and improving existing EV solutions, further enhancing their performance and reliability.
  • 3. Strengthening Supply Chains: Roam aims to optimize its supply chains to ensure efficient distribution and accessibility of its electric vehicles, thereby overcoming logistical challenges and reaching a broader market.

The Future of African Mobility

Roam’s success story exemplifies the increasing demand for sustainable and accessible transportation solutions in Africa. According to the International Energy Agency (IEA), Africa is expected to experience significant growth in urbanization and motorization in the coming decades, further exacerbating transportation-related challenges and environmental impact.

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However, the adoption of electric mobility presents a promising solution to these challenges. According to a report by McKinsey & Company, electric vehicles could account for up to 32% of new passenger vehicle sales in Africa by 2040, driven by declining battery costs, government incentives, and consumer demand for cleaner transportation options.

Roam’s commitment to locally designed and manufactured electric vehicles aligns with this trend, offering tailored solutions that address the specific needs and infrastructure constraints of the African continent. By promoting environmental sustainability, driving economic growth, and creating new opportunities within the mobility sector, Roam is poised to play a pivotal role in Africa’s transition towards a greener future.

In conclusion, Roam’s $24 million funding round represents a significant milestone in its mission to revolutionize transportation in Africa. By scaling production, investing in innovation, and strengthening supply chains, Roam is well-positioned to drive the adoption of sustainable mobility solutions continent-wide. As Africa continues to urbanize and motorize, the need for environmentally friendly transportation options will only grow, making Roam’s vision of a greener future more relevant and impactful than ever before.

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TAGiAfrica™ is a Web3 Magazine that is documenting the African journey in the crypto and blockchain industry for over a decade. We are the Pan-African magazine that covers business, technology, Blockchain, Crypto and Innovation.We are the essential resource for anyone who wants to stay up-to-date on the latest trends in Africa. The magazine is also a valuable resource for businesses that are looking to expand into Africa and committed to promoting African entrepreneurship and innovation.

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