Roam, a pioneering electric vehicle (EV) startup headquartered in Kenya, has successfully secured $24 million in a Series A financing round. This significant capital infusion, bolstered by a notable debt commitment of up to $10 million from the U.S. International Development Finance Corporation (DFC), is earmarked for the expansion of electric motorcycle and bus production capacities.

The investment round was led by Equator, a venture capital fund with a sharp focus on African climate tech ventures, and saw contributions from a diverse group of investors including At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet.

This influx of funds arrives at a critical juncture for Roam, as it intensifies efforts to ramp up the assembly of its Move bus model, introduced last year. This move comes shortly after the establishment of a new, larger motorcycle assembly facility.

Albin Wilson, Roam’s Chief Product and Strategy Officer, shared insights into the company’s ambitious production goals,

“Our aim this year is to boost production to meet the burgeoning demand. We are targeting a production rate of 1,000 motorcycles a month, which we believe will significantly satisfy market needs.”

Roam has innovated a hybrid solution for motorcycle users, allowing for battery charging both at home and at dedicated swap stations.

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With capabilities to assemble 40 Move buses monthly at peak production, these 42-seater buses, designed for the education sector and public transportation, boast a 200-kilometer range. Assembled in Kenya with parts sourced from China, the buses are customized for local conditions, featuring high ground clearance among other adaptations.

Investments will also flow into research and tooling to enhance product vertical integration. “We are moving towards owning more of our designs rather than relying on off-the-shelf components. Currently, with 275 purchase components, we see a pathway to reducing supplier margins and, eventually, offering cost-effective products to the market,” Wilson elaborated.

Since its inception in 2017 by founders Wilson, Filip Lövström, and Mikael Gånge, Roam has made significant strides in Kenya’s EV landscape. Initially focusing on EV conversions, the company pivoted to assembly following substantial venture capital support in 2021.

Despite challenges such as inadequate electric grids, limited charging infrastructure, and high EV costs, Roam is part of a cohort of startups driving Africa’s gradual shift towards electric mobility. Alongside Roam, companies like BasiGo and Ampersand are leading the charge in integrating electric buses and motorcycles, respectively, into East Africa’s transport ecosystem.

As Africa’s climate tech sector continues to attract investor attention, startups like Kiri EV, Arc Ride, eBee, Ampersand, Spiro, Kofa, Ecobodaa, and Stimaboda are spearheading the introduction of new EV motorcycle brands and expanding battery-swapping networks, underscoring the growing momentum behind the continent’s transition to greener transportation solutions.