ARC Ride raises $33.3 million to expand its battery-swapping model beyond Kenya

ARC Ride, a Kenyan electric mobility startup, has raised $33.3 million in asset-backed debt and equity to expand its battery-swapping network and electric motorcycle fleet across Africa. Novastar Ventures and Norrsken22 led the funding round, with participation from the International Finance Corporation (IFC), British International Investment (BII), and Proparco. Existing investors, including Musashi Seimitsu, a Japanese automotive supplier, and African impact investor Talanton, also participate