Kenyan electric mobility startup ARC Ride has raised $10 million in debt financing from Paris-based sustainable investment manager Mirova to expand its battery-swapping infrastructure for motorcycles.
Motorcycles are widely used in Kenya as a means of public transport, commonly known as boda boda.
ARC Ride runs a Battery-as-a-Service model that allows riders to switch to electric motorcycles and swap depleted batteries for charged ones in minutes, reducing upfront vehicle costs and removing fuel and range concerns.
The funding will enable ARC to deploy more than 600 battery-swapping cabinets and 25,000 batteries across Kenya, CEO Joseph Hurst-Croft said. The capital comes from Mirova’s Gigaton Fund, marking the fund’s first investment in an e-mobility company.
Mirova said the transaction applied a blended finance approach to de-risk the venture and attract future private capital.
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ARC Ride’s model is designed to reduce carbon emissions while making electric transport more accessible and affordable in African cities.
ARC Ride’s $10 million financing reflects growing investor interest in Africa’s electric mobility sector as governments and businesses seek low-carbon transport solutions.
Motorcycles play a central role in urban and peri-urban mobility across Africa, but their reliance on fossil fuels increases costs and emissions.
Battery-swapping networks lower barriers to adoption by tackling two key hurdles: high upfront costs of e-motorcycles and the lack of charging infrastructure.
ARC enables riders to pay for energy as needed while extending the lifespan of batteries through centralized charging by using a BaaS model.
For Mirova, the deal aligns with its climate-focused strategy and demonstrates how blended finance can help de-risk early-stage investments in emerging markets.
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