Kenyan electric mobility startup, Opibus has raised US$7.5 million in equity and grant funding to help it expand its electric motorbike and bus manufacturing operations.
Opibus, which was founded in 2017, is the main provider of locally designed and produced electric cars. Its mission is to provide dependable and affordable products for the pan-African mass market.
With customers in six African nations and many vehicles in various categories deployed, the Kenyan electric mobility innovator, Opibus has cut customer CO2 emissions by 94% and operational costs by more than 60%. Existing large commercial vehicles, such as buses and trucks, can be converted to electricity using their unique engine, saving money, resources, and giving the vehicles a second life.
Silicon Valley fund, At One Ventures, leads Opibus’ funding round with support from Factor[e]Ventures and Ambo Ventures. It consists of US$5 million in equity and US$2.5 million in additional grants, a total o US$7.5 million. The funding will be used for mass manufacture of vehicles starting next year.
“We are proud to be backed by globally recognised investors providing a balance between deep-tech and emerging market expertise. We have together reached a clear strategic and visionary alignment – with the conviction that mass manufacturing of electric mobility solutions in Africa will not only make the products more accessible and affordable but also lead to one of the largest industrialisation and welfare transitions of the region in modern time,” said Filip Gardler, chief executive officer (CEO) and co-founder of Opibus.
“The targets and objectives we’ve set for Opibus might seem bold, however, it is a mission that has become more important than ever. We have a responsibility to the coming generations and the earth as a whole.”
Opibus is focusing on the core concepts to providing a compelling customer value proposition that is unique for the African market, according to Helen Lin, principal at One Ventures.
“Their vehicles are half the cost compared to second-hand fossil fuel vehicles and perform better in the harsh road conditions. We are excited to be supporting them in their growth phase to achieve true impact at scale,” she said.