ARC Ride Raises $33.3 Million to Expand Electric Mobility Infrastructure Across Africa

Novastar Ventures and Norrsken22 led the financing, with the International Finance Corporation, British International Investment, and Proparco participating. Existing backers Musashi Seimitsu and Talanton also invested, while BII's Kinetic program and Mirova provided debt financing. ARC Ride operates a battery-as-a-service model that allows commercial riders to access electric motorcycles without purchasing batteries upfront. Riders can exchange depleted batteries at the company's smart swap stations, helping reduce initial vehicle costs and limiting downtime compared with conventional charging. The company plans to deepen its operations in Kenya, including Nairobi and the western region, while pursuing expansion into Ghana, South Africa, Tanzania, and Uganda. The capital will support the rollout of battery-swapping infrastructure, vehicle deployment, and operational capacity in these markets. The financing follows IFC's approval in April of up to $5 million in equity investment for ARC Ride's growth in Kenya and East Africa. IFC identified battery access and swap infrastructure as central barriers to wider electric two-wheeler adoption, particularly for riders whose daily earnings depend on keeping vehicles on the road. For Africa's commercial transport market, the transaction highlights growing investor interest in the infrastructure behind electric mobility rather than vehicle sales alone. A broader battery-swapping network could make electric motorcycles a more practical option for delivery riders, small businesses, and other commercial operators by reducing fuel exposure, upfront costs, and time lost to recharging.