Electric Vehicle Startup, BasiGo has secured $4.3m in a seed funding round led by Novastar Ventures, a global venture capitalist firm headquartered in London. With participation from Silicon Valley investors: Moxxie Ventures, Nimble Partners, LLC, Spring Ventures, Climate Capital, Third Derivative and Sunil Paul.
Speaking on the raise, Novastar Ventures partner, Sapna Shah said, “We are excited to partner with BasiGo and support the team’s audacious vision to transform the public bus transport sector in Africa.
“Our investment will accelerate the adoption of electric buses through an innovative finance model, leading to a vastly improved experience for commuters as well as better air quality in dense urban neighborhoods.”
Co-founder and CEO, BasiGo, Jit Bhattachary also said, “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.”
Founded in November 2021, the company is providing financing for electric buses, battery subscription and charging services for operators in Africa.
Co-founder Jonathan Greenco in a statement also says,”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 center of economic growth.
The support and knowledge of this investor group will catalyze BasiGo in its mission to make East Africa a leader in inclusive, sustainable bus transport”.
Furthermore, the company has already set up a charging depot close to Jomo Kenyatta International Airport,Nairobi. It has also imported two electric buses for its pilot program.
BasiGo plans to use its news funds to accelerate mass transit with clean, renewable energy as well as roll out 1,000 electric vehicles within the next 5 years into the Kenyan market.
To encourage the uptake of these vehicles, the startup will also extend pay-as-you-drive credit options to drivers, and provide maintenance and charging services.
(Wholly reported by Ajifa Treasure Solomon)
