BasiGo closes a $24 million Series A round

Africa50 led the equity funding round, which included participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation.
Basigo Bus

BasiGo, a Kenya electric bus startup, has secured $42 million in new funding. This consists of $24 million in equity funding and $17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).

Africa50 led the equity funding round, which included participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The funding will enable BasiGo to deliver 1,000 electric buses in East Africa within the next three years.

The capital will increase manufacturing capacity at BasiGo’s assembly line in Kenya and expand its Pay-As-You-Drive offering to new vehicle types. Additionally, the investment will support BasiGo’s expansion into Rwanda, which aims to launch commercial deliveries of electric buses.

In November 2021, BasiGo launched its operations in Nairobi after securing KES 100 million (US$900,000) in funding earlier that year. In February 2022, the company raised US$4.3 million in seed funding, followed by an additional US$6.6 million in November 2022. Later that year, BasiGo secured a US$5 million debt facility from British International Investment (BII).

In March 2023, BasiGo raised US$3 million in equity funding from CFAO, which operates in over 40 African countries and owns Africa’s leading automotive distribution network. CFAO Kenya and its venture capital arm, Mobility54, shared this investment.

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