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Electric mobility is pulling in cash at record levels

Investment in the continent’s EV makers – not just in Chinese importers – is accelerating rapidly

March 12, 2026

Welcome to Green Rising – It was a truism for many decades that Africa didn’t make its own vehicles but imported them, often second-hand. If one buys an electric motorbike in Africa today though – and thousands do every month – then it is most likely designed and increasingly also assembled on the continent. 

Two-wheel EV companies are having a field day, and investors are backing them. Last year, $172 million in funding came in, a 22% leap on the year before. The first quarter of this year is not finished yet but investments are already above $100 million. 

Everyone from proven venture funds such as Novastar all the way to risk-averse money behemoths such as the IFC and African pension funds are getting into the electric vroom-vroom game. 

Pan-African multilateral lender Afreximbank has widened its position as the largest funder of Spiro, Africa’s biggest electric motorcycle company. This is after it led a $50 million debt round announced by Spiro. The round included two new investors, American climate-tech investor Nithio, and the Africa Go Green Fund managed by Cygnum Capital.

  • Spiro has raised over $348 million to date, with Afreximbank contributing more than a third. Other investors in Spiro include Equitane, Societe Generale, Private Infrastructure Development Group (PIDG) and Nithio.   

  • Electric motorcycle startups are under pressure to buy batteries and build swapping infrastructure to keep up with the growing number of bikes being sold. Big-ticket funding deals continue to be dominated by a handful of large startups. 

  • Our take: Growing capital concentration in a few large players may quicken EV sector market consolidation … Read more (2 min)

Zeno raises fifth biggest $ round on record  

Electric motorcycle startup Zeno has raised $25 million funding in its Series A round. The round, led by Congruent Ventures, with major participation from Active Impact and Lowercarbon, is a mix of equity and debt, with debt facilities provided by Trifecta Capital and Camber Road. It brings Zeno’s funding to $34.5 million after a $9.5 million seed round in 2024.

  • The company says it has a waitlist of more than 25,000 retail and fleet customers. It will use the funding to grow across East Africa, supporting expansion of its charging network and increased production. 

  • Zeno’s raise is the fifth largest deal in Africa’s 2-wheeler EV sector. Its $25 million raise is only surpassed by three funding rounds from Spiro (two $50 million deals and one $100 million deal) and BasiGo’s $42 million raise in 2024.  

  • Our take: Africa’s EV sector is entering a scale phase, where serious capital is backing operators that have proven execution … Read more (2 min)

Kenyan electric motorcycle startup Roam has raised €199,660 ($233,600) from 250 investors through a crowdfunding drive launched in November. The company is running the campaign through Europe-based crowdfunding platform Crowdcube. It has also raised €1.2 million ($1.5 million) in the wider round that is to convert alongside the Crowdcube money.

  • Roam plans to raise a total of €2 million ($2.34 million) in a convertible round ahead of its Series B. The company raised $24 million in its Series A funding in early 2024, consisting of $14 million equity and $10 million debt. 

  • The electric motorcycle market is valued at $1.2 billion in Kenya and $15.5 billion across Africa. Roam will use the funding to scale production, launch into Eastern and southern Africa and expand charging locations. 

  • Our take: Electric motorcycle startups that fail to constantly raise new capital will struggle to grow as competition stiffens… Read more (2 min)

Number of the week

… is the time it takes to charge an EV with new equipment from BYD, the Chinese electric car maker dominant in Africa. Its 1.5 MW flash charger is the world's most powerful mass-produced single-gun model. BYD plans 20,000 new stations in China by the end of 2026, and 300 in South Africa.

Network corner

❝

👉 Kenya’s Cynthia Nekesa wins the inaugural Youth Conservation Tech Award.

👉 Call for applications: Guardians of the Earth Fellowship 2026. An 8-month continental leadership program to address climate change.

👉 Jacobs Ladder is calling for case studies of green job creation & skills building, to be presented at the inaugural GreenWorks 4 Africa Forum (11–13 August 2026)

Top green jobs from…

EVENTS UPDATE 

📆 Join the Tanzania Carbon Investment Forum hosted by TaCaDevA (Mar 24)

📆 Attend the Biodiversity and Climate Change Conference in Kenya (Apr 15)

📆 Sign Up for the Sustainable Development Forum in Ethiopia (Apr 27)

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