Zembo, a French start-up based in Uganda, has raised $3.4 million to expand its electric motorcycle company in Kampala.
The investment was made by Mobility 54 Investment SAS, a corporate venture capital company of Toyota Tsusho Corporation and CFAO group, DOB Equity, and InfraCo Africa.
Zembo is a mobility firm that offers African motorcyclists low-cost electric motorcycles that can be recharged at solar battery swap stations. Zembo’s plan has a lot of potential for replication in other African cities as part of the worldwide push to attain net-zero emissions.
“We’re thrilled to keep building electric boda bodas and charging stations for our customers in partnership with impact-focused organizations like InfraCo Africa, DOB Equity, and Mobility 54,” said Zembo co-founder Étienne Saint-Sermin.
The business strategy of the firm increases the number of electric motorbike taxis on the road in Kampala while also removing the requirement for drivers to buy or own batteries or wait for them to be charged. At the swap stations, they simply swap a drained battery for a fully charged one. Off-grid solar PV charging facilities will help to ensure that automobiles are truly reducing emissions.
Takeshi Watanabe of Mobility 54, a Toyota Tsusho Corporation Corporate Venture Capital facility, said, “It’s fantastic to have InfraCo Africa on board as an anchor investor and co-developer committed to Zembo’s expansion in Uganda.”
In comparison to traditional combustion engines, Zembo’s e-motorcycles assist boda-boda drivers earn more money by saving them money on gasoline and maintenance.
With this increased funding, Zembo is able to expand the number of electric motorbikes on the streets by 2,000 and help to build out more than 60 Zembo charging and battery switching stations.
Investment in Zembo is expected to help the company flourish and attract more private sector investment as a result of the increased funding and health and safety requirements that will be implemented.