Zembo, a Ugandan electric mobility startup, has secured a $ 3.4 million investment grant to expand its electric motorcycle business in Kampala, Uganda.
The startup has signed the funding agreement with InfraCo Africa, a private infrastructure development group (PIDG) company, as well as a consortium that includes Dutch private equity firm DOB Equity and the venture capital facility. by Toyota Tsusho Mobility 54.
The company supplies low-cost electric motorcycles to African bikers. Bicycles are recharged in solar battery exchange stations.
2,000 additional motorcycles
The funding will allow the company to increase the number of electric motorcycles on the road by nearly 2,000 as well as expand its battery charging and exchange stations across the city.
Vehicles are either purchased or leased with a lease with option to purchase model.
Zembo Storm motorcycles are one of the many emerging companies in African countries to provide electric mobility solutions as a cleaner mode of transportation.
According to the company, its concept holds great promise for replication in other African cities as part of the global campaign to achieve net zero emissions.
This new funding pool will also help Zembo to grow and anchor high standards in health and safety and business development, while enabling it to grow and attract further private sector investment to it. ‘to come up.
Created in 2018 and co-founded by Daniel Dreher and Étienne Saint-Sernin, Zembo has sold or leased 200 “boda boda” electric motorcycle taxis in Kampala. It also has 20 charging stations and facilitates 10,000 battery exchanges per month.
Zembo’s model, based on the pay-per-use (PayGo) model used in the African solar sector, aims to make electric mobility affordable for drivers and passengers.
According to the company, the Zembo Electric Motorcycles project will make around 2,000 electric motorcycles by mid-2023 available for purchase or rental, with significant development expected in subsequent years.
“Zembo provides a low-emission and cost-effective mobility option to meet the growing need for urban transport”, “DOB is delighted to join Zembo and work with InfraCo Africa and Mobility 54 to develop the electric mobility industry on the continent, with the objective of investing more in Uganda and in companies with a strong environmental dimension.
Saskia van der Mast, co-CEO of DOB Equity.
In a media statement, Zembo co-founder Étienne Saint-Sernin said: “We are delighted to join impact-driven institutions like InfraCo Africa, DOB Equity and Mobility 54 to continue developing boda bodas (motorcycle taxis) and charging stations. for our consumers.
“Our sponsors support Zembo’s goal of increasing the income of Ugandan boda boda runners while reducing air pollution, and this is the driving force behind our relationship.” We look forward to continuing to serve our customers and helping Uganda achieve sustainable mobility. “
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