Zeno, a startup founded by Tesla alum Michael Spencer, has raised $9.5 million in an oversubscribed seed round. This new capital is aimed at positioning Zeno as a key competitor to established players like Rwanda’s Ampersand and Kenya’s BasiGo, both of whom are making strides in electric vehicle (EV) adoption. Zeno’s mission: to revolutionize Africa’s transport and energy infrastructure with electric motorbikes by 2025.
The funding round, led by Lowercarbon Capital and Toyota Ventures, also saw participation from notable investors like 4DX Ventures, Active Impact, and RedBlue. Zeno plans to leverage this influx of capital to scale its swappable battery technology across East Africa, with its first electric motorbikes slated for early 2025. Customers will have flexible options to either purchase the bike without a battery or subscribe to a pay-per-use model for battery swapping.
Zeno’s entry into the market is timely as motorbike taxis, or “boda bodas,” dominate urban transport across cities like Nairobi and Kampala. By offering a cost-effective and environmentally friendly alternative to gasoline-powered bikes, Zeno is poised to capitalize on Africa’s growing appetite for green solutions. The startup also plans to introduce a home battery docking system, complete with solar panel capabilities, allowing customers to power their homes using the same battery they use for their bikes.
Africa’s EV market, though still nascent, is experiencing rapid growth, with projections estimating a revenue of $204.8 million by 2024. The competition is heating up, with Ampersand raising $2 million recently and BasiGo securing $225,000 to enhance its charging infrastructure, underscoring the region’s growing interest in electric transportation.
