ARC Ride raises $33.3M in equity and debt financing
Novastar Ventures and Norrsken22 led the financing to expand electric-motorcycle deployment and battery-swapping infrastructure.
The financing combines growth investment with a debt facility for an infrastructure-heavy rollout. Its stated plans include adding 5,000 electric motorcycles and expanding in Kenya and into Ghana, South Africa, Tanzania and Uganda.
The programme also covers more swapping capacity, automated exchanges and renewable-energy integration. These are expansion plans associated with the financing, rather than confirmation that all vehicles, markets or stations were already operating at the announcement.
Use of funds
Expand in Kenya, Ghana, South Africa, Tanzania and Uganda
Add 5,000 electric motorcycles
Expand battery swapping infrastructure and uptime
Advance automated battery swaps and renewable energy integration