ARC Ride Raises $33.3 Million to Grow Battery-Swapping Beyond Kenya
The Kenyan electric mobility startup will expand its battery-swapping network and motorcycle fleet across several African markets after a new funding round.
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ARC Ride, a Kenyan electric mobility startup, has secured $33.3 million in a mix of asset-backed debt and equity to grow its battery-swapping network and electric motorcycle fleet across Africa, according to TechCabal.
Novastar Ventures and Norrsken22 led the round. Additional backers included the International Finance Corporation (IFC), British International Investment (BII), and Proparco. Existing investors also took part, among them Japanese automotive supplier Musashi Seimitsu and African impact investor Talanton.
The company said it will direct the capital toward expanding its Kenyan operations, adding 5,000 electric motorcycles to its fleet, and strengthening its battery infrastructure. It also plans to develop technologies including automated battery swapping, smart charging, and renewable-energy integration. Beyond Kenya, ARC Ride intends to move into Ghana, South Africa, Tanzania, and Uganda.
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