Opibus has raised US$7.5 million in equity and grant funding to help it for scale-up operations and mass manufacture of vehicles, beginning next year.
The Kenya-based electric mobility startup is the leading provider of electric vehicles designed and manufactured locally. Its vision is to create reliable and cost-effective products designed for the pan-African mass market.
With existing customers across six countries in Africa, and several vehicles in different categories deployed, Opibus has reduced customer CO₂ emissions by 94pc and operational expenditures by more than 60pc.
Opibus’ funding round is led by Silicon Valley fund At One Ventures, and further supported by Factor[e]Ventures and Ambo Ventures. It consists of US$5 million in equity and US$2.5 million in additional grants, totaling US$7.5 million.
“We are proud to be backed by globally recognized investors providing a balance between deep-tech and emerging market expertise. We have together reached a clear strategic and visionary alignment – with the conviction that mass manufacturing of electric mobility solutions in Africa will not only make the products more accessible and affordable but also lead to one of the largest industrialization and welfare transitions of the region in modern time,” said Filip Gardler, chief executive officer (CEO) and co-founder of Opibus.
“The targets and objectives we’ve set for Opibus might seem bold, however, it is a mission that has become more important than ever. We have a responsibility to the coming generations and the earth as a whole.”
“Their vehicles are half the cost compared to second-hand fossil fuel vehicles and perform better in the harsh road conditions. We are excited to be supporting them in their growth phase to achieve true impact at scale,” Helen Lin, principal At One Ventures stated.