Electric bus (e-bus) provider BasiGo has closed $42 million in new capital to support the deployment of e-buses in Kenya and Rwanda. Marking the largest investment by an African investor in an e-mobility company, the capital raised will support the company’s objective of delivering 1,000 electric buses in East Africa within the next 3 years.
The funding round was led by pan-African asset manager Africa50 and consists of $24 million in Series A equity funding and $17.5 million in debt financing from capital market company British International Investment and finance institution the U.S. International Development Finance Corporation.
The funding will support increased manufacturing capacity at BasiGo’s e-bus assembly line in Kenya while helping scale the company’s e-bus deployment in Rwanda. The Series A equity round will feature co-investments from venture capital firm SBI Holdings and follow-on investments from venture capital companies Novastar Ventures, CFAO Kenya, Mobility54, Trucks VC, Moxxie VC and Susquehanna International Group.
