BasiGo electric mobility startup has clinched yet another significant round of funding. The new injection of capital amounts to a substantial sum of KES 396 million and comes courtesy of the CFAO Group which is a prominent entity known for owning Africa’s largest automotive distribution network.
In an official statemen released by BasiGo, the company declared, “We are delighted to confirm a USD 3 million investment from the esteemed CFAO Group, renowned for their expansive automotive distribution network across Africa. BasiGo and Cogroup share a unified vision for fostering a comprehensive green energy value chain throughout the African continent.”
Having this fresh infusion of funds marks another milestone for the Kenyan electric bus company which had earlier on secured a noteworthy influx of $6.5 million in late 2023. The previous funding included a $5 million debt financing arrangement with British International Investment in December which was aimed at facilitating the manufacturing of 100 electric buses tailored to be used specifically for the Kenyan market.
On top of that, BasiGo yet again received a substantial cash infusion to the tune of USD 1.5 million (KES 227 million) grant from USAID in November 2023. The grant is expected to fuel the expansion of the mobility startup’s operations in Rwanda.
Notably, in November 2022 BasiGo secured another significant investment of $6.6 million in fresh funding from various sources including Mobility54 which is a venture capital arm of Toyota Tsusho; Trucks VC, a transportation-focused venture capital fund based in Silicon Valley; and Novastar Ventures, a global VC dedicated to supporting entrepreneurs driving change in African markets.
With the latest infusion of funds from CFAO, BasiGo is poised to emerge as a key player in delivering environmentally friendly and sustainable public transportation solutions across East Africa. The CFAO Group has been known to support startups in mobility, healthcare, consumer goods, infrastructure, and energy sectors across Africa, brings considerable backing to this endeavor.
In another but related development, CFAO Mobility inaugurated East Africa’s premier BYD car dealership in Kigali back in January. Additionally, in March 2023, BYD announced a partnership with Associated Vehicle Assemblers (AVA) to assemble 130 electric vehicles in Kenya. Subsequently, BYD collaborated with BasiGo to commence assembling electric buses in Mombasa, further cementing the commitment to electric mobility initiatives in the region.