Electric Mobility startup, BasiGo, has secured another round of funding. The startup which recently confirmed Moses Nderitu and Doreen Orishaba as Managing Directors for Kenya and Rwanda respectively has secured KES 396 million from CFAO Group.
“We are proud to announce that BasiGo has secured USD 3 million investment from CFAO Group, owners of Africa’s largest automotive distribution network. BasiGo and Cogroup share a vision for a complete green energy value chain in Africa”, the company announced.
This is more cash injection into the Kenyan electric bus company following a recent funding influx of $6.5 million in late 2023. This includes a $5 million debt financing deal with British International Investment in December to manufacture 100 electric buses specifically designed for the Kenyan market.
Additionally, BasiGo was awarded a USD 1.5 million (KES 227 million) grant from USAID in November 2023. The grant is expected to help the mobility start-up to scale up its Rwanda operations.
In November 2022, BasiGo got investment of $6.6 million in new funding. The funds were sourced from Mobility54, a venture capital arm of Toyota Tsusho; Trucks VC, a transportation-focused venture capital fund in Silicon Valley; and Novastar Ventures, a global VC supporting entrepreneurs transforming markets in Africa, among others.
This new CFAO funding positions BasiGo to become a major player in providing clean and sustainable public transportation solutions across East Africa. CFAO Group is a major force in mobility, healthcare, consumer goods, infrastructure and energy across Africa.
In January, CFAO Mobility in Rwanda inaugurated East Africa’s first BYD car dealership in Kigali. Back in March 2023, BYD announced its partnership with Associated Vehicle Assemblers (AVA). The collaboration aims to assemble 130 electric vehicles in Kenya. This partnership was followed by the announcement BYD teamed up with BasiGo to assemble electric buses in Mombasa.
