Kenya’s ARC Ride secures $33.3m to scale electric mobility
The financing will support battery-swapping infrastructure and expansion into additional African markets.
What founders should know
Kenyan electric-mobility startup ARC Ride completed a $33.3 million financing round to expand battery-swapping infrastructure and electric transport operations. Its Battery-as-a-Service model lets riders exchange depleted batteries for charged ones, reducing the upfront cost of switching to electric motorcycles.
Novastar Ventures and Norrsken22 led the round, with IFC, British International Investment and Proparco among the co-investors. Existing investors also participated, and the financing included debt. ARC Ride plans expansion into markets including Ghana, South Africa, Tanzania and Uganda, alongside further platform and infrastructure development.
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