Roam, a Kenya-based electric vehicle company has raised $24 million in equity and debt to expand local manufacturing capabilities in Kenya, scale up production at its new 10,000 sqm Roam Park facility, invest in research and tooling for cost efficiencies, and streamline local and global supply chain networks.
The $14 million Series A funding round was led by Equator Africa and participation from At One Ventures, TES Ventures, Renew Capital, The World We Want, and One Small Planet, among other prominent private and institutional investors.
The $10 million debt facility was provided by the International Development Finance Corporation.
Estimates from the BloombergNEF show that EV sales are projected to reach 16.7 million in 2024, representing a 20% increase from the previous year.