BasiGo, an electric vehicle technology and financing company, has secured a Ksh. 388 million (USD 4.3 million) seed funding round. The round was led by Novastar Ventures with participation from several Silicon Valley investors including Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital, and Third Derivative.
The company has stated that the funding will help it commercialize its electric bus business model and launch local assembly of electric buses in Kenya. To kick off its launch in Kenya, the company has brought two 25 seater electric buses to Kenya currently undergoing performance and reliability testing in Nairobi. The buses will enter pilot operation with select bus operators in Nairobi beginning in March 2022.
BasiGo has also opened a charging and servicing depot for electric buses located adjacent to Nairobi’s Jomo Kenyatta International Airport. Leveraging the fact that 73% of Kenya’s electricity comes from renewable sources, each BasiGo electric bus helps to significantly reduce carbon emissions from diesel buses.
“We are thrilled to be partnering with Novastar, Moxxie, and this incredible group of investors, all of whom are deeply experienced in rapidly scaling businesses in this market. They understand this extraordinary moment of opportunity and urgency as time runs out for the world to make a meaningful impact on climate emissions. With East Africa’s abundant renewable energy, this market can leapfrog to clean, modern electric transit at the exact moment that African cities emerge as the next centre of economic growth,” said Jit Bhattacharya, CEO and Co-Founder at BasiGo.
Alex Roetter, General Partner at Moxxie Ventures said, “Confronting the climate crisis and building a sustainable business to help catalyze the electrification of transportation across Africa is an extraordinary opportunity. BasiGo has the vision and an exceptionally talented team to meet this challenge head on, and Moxxie is thrilled to support their critical mission.”