The funding round was led by a consortium of investors and institutions, including Africa50, with participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation.
This funding allows BasiGo to enhance its services, particularly in affordable charging and maintenance for bus operators, by adopting an innovative financing model known as “Battery-as-a-Service” (BaaS). Unlike traditional models, this setup enables bus operators to pay only for the battery usage while keeping charging services separate from the buses.
With this capital, BasiGo is also able to secure a $10 million loan from the U.S. International Development Finance Corporation (DFC) and an additional $7.5 million loan from the British International Investment (BII) to support the deployment of electric buses in Rwanda.
The initial funding will further be allocated towards the delivery of 1,000 electric buses across East Africa over the next three years, in addition to expanding the company’s vehicle offerings and targeting new markets.
