A new wave of investment is rolling into the bustling start-up scene, and this time, individuals are being invited to join the ride.
Roam, a company founded in Sweden and built in Kenya, is breaking from tradition by opening a portion of its multi-million dollar funding round to retail investors worldwide.
Through a campaign on the UK-based equity crowd-funding platform, Crowdcube, supporters can now own a piece of the e-mobility future for as little as Sh1,701.47 (£10), democratizing investment in African clean technology.
This public offering is part of Roam’s larger Pre-Series B round, which targets a substantial funding between Sh1.94 billion and Sh2.58 billion ($15 million and $20 million).
The company which designs and manufactures electric motorcycles and charging systems, has decided to allocate up to 10% of this raise to the public as a move to deepen loyalty within its core rider community, turning customers and believers into co-owners.
According to Filip Lövström, Roam CEO, this move is all about inclusion. “We want anyone within our community, and supporters of our mission, to now be able to join us on our continued journey as a shareholder,” he said.
While equity crowd-funding remains a novel concept in Kenya, Roam’s initiative is a bold experiment in community-backed growth.
The company aims to leverage its hard-earned brand recognition, hoping that both local and international backers will rally behind its mission. The timing is actually quite ripe, as investor interest surges in African e-mobility and renewable energy solutions.
Soaring fuel prices and the pressing demand for affordable urban transport across East Africa have created a perfect storm of opportunity.
With an estimated 25 million motorcycle riders on the continent, many of whom spend a staggering 40% of their income on fuel, the potential for impact is enormous.
Roam promises to significantly lower daily operating costs for these commercial riders while simultaneously cutting emissions.
“We’ve proven that electric mobility is possible, affordable, and scalable in Africa,” Filip Lövström said.
This claim is supported by the company’s impressive numbers. For example, it reported an explosive over 500% revenue growth in May, signaling rapid market adoption. Through this crowd-funding campaign, the e-mobility firm looks to grow and expand the sector as it has through its previous funding.
To date, Roam has secured over Sh3.87 billion ($30 million) in previous funding rounds. This included a seed round led by At One ventures and Factor[e] ventures, and a substantial Sh3.10 billion ($24 million) Series A, that blended equity and debt financing from prestigious backers like the US International Development Finance Corporation.
