Kenyan EV startup Arc Ride secures $10M boost from French investor
- Arc Ride secures $10 million in debt financing from Mirova to scale its battery-swapping network for electric motorcycles.
- Mirova's investment is the first from its Gigaton Fund into Africa's EV sector, indicating confidence in the continent's growing two-wheeler market.
- Arc Ride plans to roll out 600 battery-swapping cabinets and 25,000 batteries across Kenya, enhancing accessibility to electric vehicles.
The recent investments and acquisitions in the African tech and mobility sectors reflect a growing confidence in the continent's potential for innovation and sustainability. However, the challenges faced by fintech solutions like Bleyt highlight the ongoing issues of financial inclusion that need to be addressed to fully leverage these advancements.
