Investment: “ARC Ride raises $33.3M”
ARC Ride, a Nairobi, Kenya-based electric mobility platform providing Battery-as-a-Service (BaaS) infrastructure, raised $33.3M in a round led by Novastar Ventures and Norrsken22.
The round included participation from IFC, British International Investment (BII), and Proparco, alongside existing investors Musashi Seimitsu and Talanton; the financing also comprised a debt facility from BII’s Kinetic programme and Mirova.
Led by founder Jo Hurst Croft, ARC Ride provides Battery-as-a-Service infrastructure for two- and three-wheeler transport. Its platform enables riders to exchange depleted batteries for fully charged ones through a network of smart battery-swapping stations, reducing upfront vehicle costs for riders.
The company operates across sub-Saharan Africa with an expanding presence in Kenya, Ghana, South Africa, Tanzania and Uganda.
ARC Ride will use the proceeds to accelerate geographic expansion across sub-Saharan Africa, expand its electric vehicle fleet by adding 5,000 motorcycles, strengthen its battery-swapping infrastructure and operational uptime, and advance capabilities in automated battery swaps and renewable energy integration.
