French Fund Backs Kenya’s ARC Ride in US$10mn Bet on Electric Bodas
Mirova, has committed up to US$10 million five-year debt funding to ARC Ride, a Nairobi-based electric mobility startup..
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French sustainable investment firm, Mirova, has committed up to US$10 million in five-year debt funding to ARC Ride, a Nairobi-based electric mobility startup, marking its first electric vehicle deal in Sub-Saharan Africa. This financing will support the deployment of over 600 battery-swapping cabinets and 25,000 batteries.
- Mirova's US$10 million debt funding is its first electric vehicle investment in Sub-Saharan Africa.
- ARC Ride, founded in 2019, operates as a Battery-as-a-Service operator, assembling two-wheelers locally.
- Each electric motorbike deployed is projected to cut roughly two metric tonnes of carbon dioxide emissions annually.
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Tech Firms Secure Funding and Launch New Services in Kenya - September 2025
SunCulture, a Kenyan climate-tech startup, has secured US$5 million in funding from WaterEquity to expand access to its solar-powered water pumps. French sustainable investment firm Mirova has committed up to US$10 million in debt funding to ARC Ride, a Nairobi-based electric mobility startup. This financing, Mirova's first EV deal in Sub-Saharan Africa, will support the deployment of over 600 battery-swapping cabinets. In a separate expansion, Bolt has launched Bolt Send, a new parcel delivery service in Kenya. The service leverages Bolt's ride-hailing app to cater to the country's e-commerce sector.
