Kenyan Electric Mobility Startup ARC Ride Secures a $10m Debt Capital

Kenyan electric mobility startup ARC Ride secures a $10m debt capital financing from a Paris-based company called Mirova. This important funding will help ARC Ride grow its battery-swapping network for electric motorcycles all over Kenya. With this support, ARC Ride can bring cleaner and more affordable transportation to many more people.

ARC Ride’s business idea is simple and clever. They offer a service called Battery-as-a-Service, or BaaS for short. Instead of buying an expensive battery for an electric motorcycle, riders can easily swap their empty battery for a fully charged one at special swapping stations. This swap only takes a few minutes. This way, electric motorcycles become cheaper to own and riders don’t need to worry about running out of power while riding.

The $10 million debt capital will help ARC Ride put up over 600 new battery-swapping cabinets and provide 25,000 batteries across Kenya. These swapping cabinets are like charging stations where riders exchange their used batteries for charged ones quickly. This will make it easier for many more people to use electric motorcycles instead of fuel-powered ones.

Joseph Hurst-Croft, who is the CEO of ARC Ride, said this deal with Mirova is a big moment for their mission. He explained that the money will help ARC Ride make electric mobility easy to get, affordable for many, and good for the environment in Africa. The company wants to reduce pollution and make daily travel cheaper and simpler for motorcycle riders everywhere.

This $10 million debt financing is the first time Mirova’s Gigaton Fund has invested in an electric mobility startup. Mirova used a blended finance approach, which means they combined different kinds of funding to reduce the risks of the investment. This makes the deal safer and encourages other private investors to put money into electric mobility businesses in Africa in the future.

Rim Azirar, a leader at Mirova, said this investment fits perfectly with Mirova’s goal to support clever climate solutions in emerging markets. She added that ARC Ride is changing how people move in African cities by offering a model that can grow big. This model not only cuts down on harmful emissions but also helps improve the lives of many people who rely on motorcycles for their daily transport.

Thanks to this $10 million debt capital from Mirova, ARC Ride is ready to speed up the switch to electric motorcycles in Kenya. This is one of the fastest-growing places for mobility in Africa. ARC Ride’s battery swapping solves two big problems riders face: the high cost of batteries and worries about how far they can travel before needing a recharge.

By making electric motorcycles easier to use and less expensive, ARC Ride helps reduce air pollution, lower noise, and save money for many riders. Motorcycles are a very important way people get around in Kenyan cities, so this change will have a big impact. As more battery-swapping cabinets and batteries become available thanks to the $10 million debt capital, more riders will switch to electric.

To sum it up, Kenyan electric mobility startup ARC Ride secures a $10m debt capital financing from Mirova to grow its battery-swapping service in Kenya. This funding is an important step that will make electric motorcycles simpler and cheaper to own, helping to create cleaner transportation across Africa. International investors are now showing strong interest in backing green transport solutions in emerging markets. With this support, ARC Ride is set to lead Africa’s move to smarter and cleaner urban travel.

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